Decreases the premium receipts tax for surplus lines insurance coverage.

This bill reduces New Jersey's premium receipts tax for surplus lines insurance coverage from 5% to 3% of gross premiums. It affects insurers, surplus lines agents, and policyholders purchasing specialized insurance for high-risk or hard-to-cover risks (like unusual property or complex liability). The bill clarifies that for fire insurance policies in municipalities with firemen's relief associations, all 3% tax must now go directly to those associations (previously split between them and the state). This change reverts the tax rate to its level before 2009, as stated in the bill's summary.