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4th of February 2012

New Jersey captive bill passes Assembly

Gavin Bradshaw 02/07/2010

New Jersey has moved a step closer to achieving captive domicile status with the passing of Assembly Bill A2360 to Regulate Captive Insurers on 28 June.
 
The bill, sponsored by Assemblyman Gary Schaer, Assemblywoman Denise Coyle, and Assemblyman John McKeon was passed with amendments. The senate version of the bill (S168) remains with the Senate Finance Committee.
 
Gregg Sgambati, president of the New Jersey Captive Insurance Association (NJCIA) [pictured] said that if bill S168 can move out of the Senate Committee at one of the upcoming committee meetings, New Jersey could become a captive domicile this year.
 
Sgambati said the addition of Senator Thomas Kean, Jr as a co-sponsor will add momentum to the bill’s progress.
 
The assembly bill was passed without the inclusion of risk retention groups (RRGs)
 
“Although not having RRGs in the legislation is not ideal, it should not be misconstrued as an indication of low enthusiasm for this legislation by state regulators, who are in fact, very enthusiastic about captive insurance”, said Sgambati.  “This is a stepped approach to ramping up a promising new domicile.”

Tags: Captive insurance, New Jersey, NJCIA, Risk retention groups, RRGs

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Sondi 14/01/2012 4:16pm

Boom shkaaalka boom boom, problem solved.

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