Increases from two percent to three percent the tax on fire insurance premiums written by out-of-State insurers.

This bill increases the tax rate on fire insurance premiums collected by out-of-state insurers operating in New Jersey from 2% to 3%. It also raises the tax rate for New Jersey-based agents, brokers, or insurers who place fire insurance with out-of-state companies to 3%. The tax is paid annually by March 1 to the New Jersey State Firemen's Association, with funds allocated to local firemen's relief associations or the New Jersey Firemen's Home if no local association exists. The change applies to premiums collected during the previous calendar year, affecting out-of-state insurers and New Jersey-based intermediaries handling fire insurance for New Jersey properties.