McGreevey Signs N.J. Transit Captive Bill

April 1, 2004

Governor James E. McGreevey has signed a bill (A2370 which permits New Jersey Transit Corporation to establish wholly-owned insurance subsidiary or “captive.”

The captive must be domiciled in the U.S. in a state which is accredited by the National Association of Insurance Commissioners and which licenses and regulates wholly-owned insurance subsidiaries or captives.

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