TRENTON – Legislation sponsored by Senator Nia H. Gill (D-Essex) to create additional jobs and reduce costs for businesses by permitting captive insurers to operate in the state today cleared the Senate Commerce Committee by a vote of 4 to 0.
The bill (A-2360/S-168) would allow captive insurance companies to apply to the Department of Banking and Insurance for a license to do business in the State in certain lines of insurance, including life and health insurance, annuities, indemnity, property and casualty, fidelity, guaranty and title insurance, and reinsurance. The legislation will promote the growth of an insurance sector that has generated billions of dollars of investment in some states and brought in new high-paying jobs.
“This bill will open an entirely new market for insurance in New Jersey, thereby bringing new businesses to our state as well as additional high-paying jobs,” said Senator Gill, chair of the Commerce Committee. “This is the kind of innovation that will spur economic growth, at a time when it is so desperately needed.”