The State of New Jersey
 NJ Department of Banking and Insurance
search  

 

  
Home > Insurance Division > Captive Corner > Redomesticating in NJ
Redomesticating a Captive in New Jersey

The Department's Captives Unit suggests the following best practices for companies seeking to redomesticate a captive insurance company to New Jersey:
Steps to Successful Entrance into NJ's Captive Market

1.
Call or e-mail the Department to arrange a meeting with the Captives Unit to discuss the Redomestication of the captive with the Department

Crosby Sherman, Chief of Captive Insurance
E-mail: crosby.sherman@dobi.state.nj.us
(609)-292-5350, ext. 50503
2. Applicants should bring prepared drafts of the necessary admissions documents for Redomestication (Redomestication admissions packet) to the meeting with the Department. Applicants should also review the Captive Reference Guide prior to the meeting.
3.
After meeting with the Captives Unit, applicants must submit one copy of all final materials listed in 2 above for the Department’s review along with their business formation documents (File Certificates of Business Formation), and the appropriate business formation fee payable to the Treasurer, State of NJ. (The services of a local lawyer may be necessary.)
4.
Petition the Commissioner to issue a Certificate of Public Good.
5.
After the business formation documents are processed by the Department of Treasury, Division of Revenue, the Department will issue to qualified applicants a Certificate of Authority and forward the filed business formation documents.
6.
Turnaround time for the Department is 10 days from the application being deemed complete.
Other Requirements for Redomesticating a Captive in New Jersey

1. Select a New Jersey registered Captive Manager, CPA and Actuary.
2.
 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.
3.
An organizational exam may be performed by the Department shortly after you receive the Certificate of Authority and have capitalized the captive.  The cost of this exam will be borne by the applicant.
top of page
 
OPRA
 OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
line
Adobe Acrobat
 You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2011, State of New Jersey
New Jersey Department of Banking and Insurance