The State of New Jersey
NJ Department of Banking and Insurance
Home > Department Press Releases/Newsletters/Reports

News Release

New Jersey Department of
Banking and Insurance

Acting Commissioner Richard J. Badolato

For Immediate Release:
January 6, 2016

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

Christie Administration Approves New Captive Insurance Company for
Deborah Heart and Lung Center

TRENTON -  Department of Banking and Insurance Acting Commissioner Richard J. Badolato today announced the approval of a captive insurer formed by the Deborah Heart and Lung Center of Browns Mills. The new captive will provide for Comprehensive General Liability insurance coverage for the center and Medical/Hospital Professional Liability insurance for its employees. The new captive is the twenty-first captive insurance company approved in New Jersey since the enactment of the Captive Insurance Law in 2011.

“We welcome Deborah Heart and Lung Center’s new captive insurance company to New Jersey’s growing captive market,” said Acting Commissioner Badolato. “The center’s decision to set up a captive insurer is a testament to the strength of our market and another indicator that captive insurance is an excellent risk management financing option.”

Deborah Heart and Lung Center, a not-for-profit facility in Burlington County, focuses exclusively on cardiac, vascular and lung disease. It works with its fundraising arm, the Deborah Hospital Foundation, to finance patient care. In 2010, the center opened an emergency room that accepts ambulances and walk-in patients.

“It was a pleasure working with New Jersey on the captive’s licensing,” said Susan Bonfield, the center’s general counsel. “The regulators were thorough, but expeditious in their review, which is clearly a testament to their expertise within the industry and commitment to the captive insurance community.”

Captive insurance companies are insurers established with the specific objective of financing risks emanating from their parent group or groups. Legislation allowing the formation of captives in New Jersey was enacted in 2011.

Prior to the enactment of the Captive Insurance Law, P.L. 2011, c.25, New Jersey companies that wished to form captives had to do so in other states and countries. Today, New Jersey companies can use the law to insure their risks in New Jersey.

Since the law became effective, the Department has approved the formation or re-domestication of 21 captive insurance companies in New Jersey.

For more information on captive insurer formation, contact Thomas Herriger in the Department’s Office of Captive Insurance at 609-292-7272, ext. 50559, or go online to:

OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
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