The State of New Jersey
NJ Department of Banking and Insurance
search  

Home > Department Press Releases/Newsletters/Reports

News Release

New Jersey Department of
Banking and Insurance


Commissioner Tom Considine

For Immediate Release:
May 20, 2011

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064


New Jersey Open for Business with New Captive Insurance Market

DOBI Web site’s New “Captive Corner” Provides a Guide to Captive Formation

TRENTON – In preparation for the May 23rd effective date of New Jersey’s new captive insurance law, Department of Banking and Insurance (DOBI) Commissioner Tom Considine today announced the launch of a new section on the Department’s Web site called “Captive Corner.” Companies seeking to either form new captive insurance companies here or re-locate existing captives from other locations to New Jersey will be able to use the site as a  “one stop shopping” location.

“We are establishing ‘Captive Corner’ to make it as easy as possible for those companies looking to form or relocate captives here to find all the information they need on how to apply, who are the department contacts, and what they have to do to comply with regulations,”  said Commissioner Considine.

Captive Corner will include regulatory guidance, forms and links to admission packets; information on registering to be an approved captive insurance company manager, accountant or actuary; as well as contact information. It will also provide all the steps necessary for a company to successfully enter the New Jersey captive market.

In February, Governor Christie signed P.L.2011, c.25 into law, which allows for the formation of captive insurance companies in New Jersey. Captive insurance companies are insurance companies established with the specific objective of financing risks emanating from their parent group or groups. For example, a grocery store chain could form a captive insurance company to insure against liability claims or a company could form a captive to insure its worker’s compensation program.

The bill, along with the Reinsurance and Surplus Lines Stimulus and Enhancement Act (P.L. 2011, c.39), which the Governor signed in March, is part of an insurance economic development package developed by the Administration and the Legislature.  

 “The new captives law will expand the insurance market, grow the economy and create jobs, and we at the Department we will be working very hard to make sure it is implemented successfully,” Commissioner Considine said.  “Establishing ‘Captive Corner’ is another in a long list of actions we at the Department are taking to carry out the Governor’s Economic Development agenda.”

Commissioner Considine said the new captives law offers many advantages to business.

 “The law gives businesses greater ability to identify, manage and finance their own risks,” he said. “That in turn, helps businesses to make smarter decisions, compete, innovate and grow.”

To view Captive Corner, go to: www.state.nj.us/dobi/division_insurance/captive/

To view Bulletin 11-08, which provides information on how to establish a captive insurance company in New Jersey, go to: www.state.nj.us/dobi/bulletins/blt11_08.pdf

For more information on insurance go to: www.njdobi.org or call 1-800-446-7467.

###
 
OPRA
OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
line
Adobe Acrobat
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2011, State of New Jersey
New Jersey Department of Banking and Insurance