New Jersey Captive Insurance Association (NJCIA) formation discussed on Best’s Review
Mahwah, NJ, April 5, 2010: The formation of the New Jersey Captive Insurance Association, the trade and marketing association for the future New Jersey captive industry, was discussed in a videotaped interview with Best’s Review magazine (www.bestreview.com).
The interview with founder Gregg Sgambati was featured in Best’s Review’s “Conversations” series.
Best’s Review is a monthly insurance news magazine published by A.M. Best Company of Oldwick, N.J. The full video interview can be viewed at http://www3.ambest.com/ambv/displaycontent/MediaArchive.aspx?RC=170898.
NJCIA’s first order of business is to encourage New Jersey legislators to pass a law for captive regulation. Once regulations are adopted, NJCIA’s second order of business will be to nurture the captive insurance industry with conferences, education, networking, and advocacy. Its third order of business will be to market the newly formed domicile.
Assembly bill A2360 was introduced on February 25, 2010 and Senate bill S168 was pre-filed for introduction in the 2010 session. The bill’s sponsors are Assemblyman Gary S. Schaer and Senator Nia H. Gill, both chairpersons of their respective finance and commerce committees. Bills to “Regulate Captive Insurers” have been drafted and introduced since 2006.
The formation of captive insurance companies in New Jersey will create revenue and jobs. It was noted at the recent CICA (Captive Insurance Companies Association) 2010 conference that an increasing number of financial corporations are forming captive insurance companies. New Jersey’s location in the nation’s financial corridor makes its especially accessible to these companies.
Providing a network of support, assistance, and advocacy are NJCIA’s keys steps for encouraging the passage of legislation. Once a domicile, NJCIA will be the keystone marketing and trade association. “We will continue to keep legislators and regulators informed about the status of the captive industry and the enthusiasm of our membership and constituency,” said Gregg.
For additional information, contact Gregg Sgambati at (201) 252-2444. Parties of interest can also subscribe to news and information releases at email@example.com.