New Jersey Passes Captive Insurance Legislation

New Jersey will soon allow captive insurers under a bill passed by the state’s legislature and expected to be signed by the state’s governor in the coming weeks.

The legislation makes the Garden State a captive insurance domicile, and would take effect 90 days after it is signed by Gov. Chris Christie

The bill was one of several economic development measures passed by New Jersey lawmakers last week as part of a “Back to Work NJ” campaign.

Gregg Sgambati, president of the recently formed New Jersey Captive Insurance Association (NJCIA), called the measure “a notable step forward in New Jersey’s commitment to lay the foundation for organizations to recognize New Jersey as a great place to do business.”

The group is planning a summit for April and an annual conference later this year in Atlantic City later in the year.