Chubb has gained authority to write surplus-lines-insurance business in New Jersey, its own state– an apparent new trend.
The company announced that it has received approval from the New Jersey Department of Banking & Insurance to convert Chubb Custom Insurance Company into a domestic surplus-lines-insurance company.
The New Jersey Insurance Department gained authority to do so through the Reinsurance and Surplus Lines Stimulus Act, which was signed into law by Gov. Chris Christie in 2011.
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