Decreases the premium receipts tax for surplus lines insurance coverage.

New Jersey bill A3527 reduces the tax rate on surplus lines insurance premiums from 5% to 3% for both policies purchased directly by insureds and those handled through surplus lines agents. This directly affects insurance agents, brokers, and policyholders who use non-admitted insurers for commercial coverage, such as property or casualty insurance. The bill amends existing tax provisions to lower the rate while maintaining that 3% of fire insurance tax revenue goes to New Jersey firemen's relief associations and the remaining 2% to the state. It excludes government coverage, life insurance, and disability insurance from this tax change and takes effect January 1, 2013.