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NJ Department of Banking and Insurance
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Home > Insurance Division > Captive Corner > Forming a Captive in NJ
Forming a Captive in New Jersey

The Department's Captives Unit suggests the following best practices for forming a captive in New Jersey:
Steps to Successfully Enter NJ's Captive Market
1.

Call or e-mail the Department to arrange a meeting with the Captives Unit to discuss the proposed captive

John M. Talley, J.D., Chief, Office of Captive Insurance
E-mail: john.talley@dobi.state.nj.us
(609) 292-7272, ext. 50220
2.
Applicants should bring prepared “confidential” drafts of the necessary documents (Admission application packet) to the meeting with the Office of Captive Insurance. Applicants should also review the Captive Reference Guide prior to the meeting.
3.
After meeting with the Unit, applicants must submit one copy of all final materials listed in 2 above for the Department’s review along with their business formation documents (File Certificates of Business Formation), and the appropriate business formation fee payable to the Treasurer, State of NJ. (The services of a local lawyer may be necessary.)
4.
Petition the Commissioner to issue a Certificate of Public Good.
5.

After the business formation documents are processed by the Department of Treasury, Division of Revenue, the Department will issue to qualified applicants a Certificate of Authority and forward the filed business formation documents.

6.
Turnaround time for the Department is 30 days from the application being deemed complete.
Other Requirements for Forming a Captive in New Jersey
1.

Select a New Jersey registered Captive Manager, CPA and Actuary.

2.
Applications must identify the following Authorized Service Providers: Actuary, CPA and Captive Manager.  If the service provider(s) that the captive chooses are not on the Department’s list of Registered Service Providers the service provider must file an application and Biographical Affidavit to be reviewed and registered with the Department.
3.
An organizational exam may be performed by the Department shortly after you receive the Certificate of Authority and have capitalized the captive.  The cost of this exam will be borne by the applicant.
 
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New Jersey Department of Banking and Insurance