STATEMENT TO

[First Reprint]

SENATE, No. 2475

with Senate Floor Amendments

(Proposed by Senator SWEENEY)

ADOPTED: JANUARY 31, 2019

      These amendments clarify that the bill does not limit or prohibit the Commissioner of the Department of Banking and Insurance from finding, imposing or enforcing a fiduciary duty upon an insurance producer where that duty is imposed pursuant to: (1) the “New Jersey Insurance Producer Licensing Act of 2001;” (2) any rule or regulation of the Department of Banking and Insurance; (3) any order of the commissioner; or (4) any applicable federal law.