Bill to Regulate Captive Insurers moves on to full Assembly vote
May 6, 2010, Trenton, NJ – The Assembly Financial Institutions and Insurance (AFI) Committee voted to move the bill “Regulates Captive Insurers” forward to the full Assembly for vote. Bill A2360 can be presented for full Assembly vote as early as May 20, 2010.
The bill was moved forward with full support by the Assembly committee with all votes in favor. There was no opposition from parties in attendance at the meeting. Amendments to the bill will be made from the floor of the Assembly.
The New Jersey Captive Insurance Association (NJCIA) spoke to the committee in support of the bill. Gregg Sgambati (president) testified to show the support of captive insurance business community in New Jersey. A link to a recording of the meeting will be posted at www.njcia.org.
Representatives from the New Jersey Department of Banking and Insurance (NJ DOBI) also testified. An amended version of the bill was presented at the meeting and will be posted atwww.njcia.org once released by the legislative office. NJCIA will review the amended bill and prepare appropriate comments.
Bill sponsors Assemblyman Gary Schaer and Assemblywoman Denise Coyle commended the enthusiasm of the NJ DOBI. They applauded the inclusion of language that permits the commissioner to issue a license to a captive insurance company on an expedited basis.
Further analysis and comments will be posted at www.njcia.org. For more comments on the legislation, information about NJCIA, or interest in NJCIA boards and committees membership, please contact Gregg Sgambati at gregg.s@njcia.org or (201) 252-2444.
###
