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4th of February 2012

News

New Jersey Assembly to vote on captives

Gavin Bradshaw 24/05/2010

A bill to introduce captive insurance legislation to New Jersey has been voted on by the State Assembly's Financial Institutions and Insurance Committee and moved forward to the full Assembly for a vote.
Assembly Bill 2360 (AB 2360), titled 'Regulates Captive insurers', which was introduced to the Assembly on 25 February by Assemblyman Gary Schaer and Assemblywoman Denise Coyle, did not make it to full Assembly in May but could be presented in June.
Gregg Sgambati, founder and president of the New Jersey Captive Insurance Association (NJCIA) said: "Our legislators have made excellent strides in moving this forward. It has been a bi-partisan effort with democratic majority leadership and republican co-sponsorship."
In a news release issued by the New Jersey Department of Banking and Insurance on 7 May Commissioner Tom Considine applauded the twin pieces of proposed legislation which, he said, "would allow captive insurers and carriers of reinsurance and surplus lines to operate more expansively in New Jersey".
AB 2360 would permit captive insurance companies to be licensed to do business in the State in any of the lines of insurance in subtitle 3 of Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes.
Senate Bill 168 (SB 168), sponsored by Senator Nia Gill, includes provisions for an act to regulate wholly owned insurance subsidiaries, supplementing Title 17 of the Revised Statutes.
Sgambati said the NJCIA is now working with the Senate Commerce Committee to get SB 168 on its agenda so the committee can move it to the senate for a full vote.
"We think there is time to get it on the agenda before the summer recess," he said. "If we can get both bills going to their respective houses before the summer and all the stars line up it's possible we could have captive legislation very soon."
AB 2360 is intended to regulate pure, association, sponsored and industrial insured captive insurance companies. In addition, the bill creates a 'Captive Insurance Regulation and Supervision Fund'.
The bill also included procedures for various types of captives to merge with other entities and procedures that a sponsored captive insurance company must follow with respect to protected cell companies.
The New Jersey captive bills were originally introduced in 2006 but have remained on the sidelines until the beginning of this year, when the committees were re-renamed and the bills were re-introduced (or 'pre-filed').

Tags: New Jersey, New Jersey Captive Insurance Ass

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