The State of New Jersey
NJ Department of Banking and Insurance


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Forming a Captive Insurance Company in New Jersey

The Office of Captive Insurance (OCI) in the Department of Banking and Insurance provides the following guidance for forming a captive in New Jersey:
Steps to Successfully Enter NJ's Captive Market
Contact OCI to discuss the proposed captive.
As a follow up to the initial discussion, potential applicants should prepare an Executive Summary to clarify key points of the proposed captive. OCI will review the Executive Summary and advise of any concerns or issues that need to be addressed prior to beginning the application process.  OCI or the applicant may request a meeting to discuss the proposed captive.  

Applicants should review the Captive Reference Guide for additional information.

The applicant must submit an electronic and a paper copy of all documents required in the Admission Application Packet.  OCI will review these documents along with the business formation documents (Certificates of Business Formation) which should be filed with the Treasurer, State of New Jersey along with the business formation fee.
A petition to the Commissioner to issue a Certificate of Public Good should be prepared and submitted along with all documents in the Admission Application Packet to OCI.
After the business formation documents are processed by the Department of Treasury, Division of Revenue, and the application has been evaluated by OCI and approved by the Commissioner, the Department will issue a Certificate of Authority and forward the filed business formation documents.
Turnaround time for the Department is 30 days from the application being deemed complete.
Other Requirements for Forming a Captive Insurance Company in New Jersey
Select a New Jersey registered Captive Manager, CPA and Actuary.
Applications must identify the following Authorized Service Providers: Actuary, CPA and Captive Manager.  If the service provider(s) that the captive chooses are not on the Department’s list of Registered Service Providers the service provider must file an application and Biographical Affidavit to be reviewed and registered with the Department.
An organizational exam may be performed by the Department before or after an applicant receives the Certificate of Authority and has capitalized the captive.  The cost of this exam will be borne by the applicant.
OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
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New Jersey Department of Banking and Insurance