The New Jersey Department of Banking and Insurance has approved a captive insurer formed by the Deborah Heart and Lung Center of Browns Mills, New Jersey.
The Department’s Acting Commissioner Richard J. Badolato announced the approval on Jan. 6. 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 21st captive insurer approved in New Jersey since 2011, when the captive insurance law allowing the formation of captives in New Jersey was enacted.
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, the Department said.
“We welcome Deborah Heart and Lung Center’s new captive insurance company to New Jersey’s growing captive market,” said 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, New Jersey, focuses on cardiac, vascular and lung disease. It works with its fundraising arm, the Deborah Hospital Foundation, to finance patient care.