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  • 21 May 2010 10:00 AM | Gregg Sgambati (Administrator)

    May 20, 2010, Trenton, NJ – The Assembly Session ended today without seeing Bill A2360 “Regulates Captive Insurers” presented to the full Assembly for vote.  The assembly will have another session in June at which time the bill may be presented again.

    "This is not a setback", said Gregg Sgambati of NJCIA.  “Presently, we are talking with legislatures to make an important change in the final bill.”  In the last amendment, the risk retention groups (RRGs) were deleted from the bill.  They were not excluded--wording related to them was deleted.  NJCIA believes that this is a potentially concerning issue with the legislation. The decision to license or not license RRGs should be left with the regulator, not statute.  Once a captive insurance regulatory team is in place at the New Jersey Department of Banking Insurance, prudent decisions about captive licenses will be made.

    The Assembly Financial Institutions and Insurance (AFI) Committee voted to move the bill “Regulates Captive Insurers” forward to the full Assembly for vote on May 6, 2010.  The Senate version of the bill still requires committee vote and NJCIA is diligent in seeing it considered soon.  Senator Nia H. Gill chairs the Senate Commerce Committee.

    NJCIA is the trade association for the future captive insurance industry in New Jersey.  For more information, please visit the new website at www.njcia.org.  Membership is now open to industry participants. 

    For more comments on legislation, information about NJCIA, or interest in NJCIA boards and committees and membership, please contact Gregg Sgambati at gregg.s@njcia.org or (201) 252-2444.

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  • 07 May 2010 8:46 AM | Gregg Sgambati (Administrator)

    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.

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  • 26 Apr 2010 8:04 AM | Gregg Sgambati (Administrator)

    New Jersey Captive Insurance Association (NJCIA) to meet with New Jersey Department of Banking and Insurance

    Mahwah, NJ, April 26, 2010:  In pursuance of its first order of business–to support and encourage the passage of captive insurance laws in New Jersey–NJCIA will meet with the New Jersey Department of Banking and Insurance (NJ DOBI).  “It is our intention to facilitate access to industry experts in New Jersey so that NJ DOBI and legislators can craft legislation and regulations that will help the captive industry in New Jersey be efficiently successful,” said Gregg Sgambati, founder and president.

    Captive insurance regulations across domestic domiciles share common elements.  Many have originated from Vermont’s captive laws that were passed in 1981.  Yet, as the industry evolves with new types of licensing entities and a new financial reality, opportunities present themselves to design legislation and regulations that promptly address the current captive insurance landscape.

    “It is our role as the industry trade association to make industry introductions and then let the legislative and regulatory processes play out.  We only hope that our meetings can prove to be beneficial to the regulators and ultimately make New Jersey a domicile that can expeditiously take advantage of captive industry opportunities in today’s market,” said Gregg.

    The prospect of New Jersey becoming a captive domicile has been received with enthusiasm, especially amongst industry experts that reside in New Jersey.  “Terrific for the state,” “We are most definitely on board with this,” and “I am optimistic about the possibilities for captives in New Jersey,” are some of the accolades from the industry.  The bill’s sponsors are Assemblyman Gary S. Schaer and Senator Nia H. Gill, both chairpersons of legislative branch finance or commerce committees.

    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 for the industry.  For additional information, contact Gregg Sgambati at (201) 252-2444.  Parties of interest can also subscribe to news and information releases at subscribe@njcia.org.

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  • 03 Apr 2010 9:08 AM | Gregg Sgambati (Administrator)
    Press Release

    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 subscribe@njcia.org.

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