New Jersey

New Jersey

New Jersey’s Captive Law provides significant new opportunities for businesses to better manage their own risk by insuring themselves instead of seeking insurance in the commercial market. New Jersey is open to the formation of new captives as well as the redomestication of existing captives. We promise a robust, efficient admissions process that is transparent and flexible.

[Last updated: 18/08/16]
Regulatory contact:
Thomas Herriger
20 W. State Street
P.O Box 325
Trenton, NJ 08625
Telephone Number
609-292-7272 Extension 50559
Email Address
Thomas.herriger@dobi.state.nj.gov



Name of Captive Legislation
The Captive Insurer’s Act
 
Year Legislation Passed
2011
 
Do you allow Cell Captives?
Yes
 
Total Number of Licenced Captives 
23
 
Number of Risk Retention Groups or Group Captives
N/A
 
Number of Single Parent Captives
20
 
Number of Cell Captives
1
 
Number of licences granted in the past year (2015 calendar year)
5
 
Approximate (or Average) length of time to process a new captive 
30 days from time of full application.
 
Captive tax rates
(See Licensing fees below)
 
Minimum capitalisation rate
Pure Captive $250,000
Association Captive $750,000
Industrial Captive $500,000
Sponsored Captive $500,000
 
Licencing fees
Application (N.J.S.A. 17:47B-2). After meeting with the Office of Captive Insurance, applicants should submit one paper copy and one PDF copy of all final materials in the Admission Packet to the Department for review, along with (1) the application fee of $4000; and (2) their completed business formation documents and the appropriate business formation fee payable to the Treasurer, State of New Jersey, Division of Revenue. The fee shall be $165 ($125 filing fee, $25 certified copy and $15 expedited handling fee). Note: For a Limited Liability Company, LLC, the fee shall be $175 (($125 filing fee, $25 certified copy and $25 expedited handling fee).
 
Total premiums received by the Captives
12/31/15 (as Filed) $413,693 (000’s omitted)
 
Total value of assets under management
12/31/15 (as Filed) $428,955 000’s  Omitted
 
Captive Insurance Managers registered to conduct business in the domicile
http://www.state.nj.us/dobi/division-insurance/captive/captivemanagers.html
 

Company latest

Articles

There are no related articles.

News

There are no related news.

Captive International