Hello and welcome. I am very pleased to present you the Department’s newsletter - DOBI News and Notes (DNN).

We will be sending you this publication regularly to help you stay informed about Department initiatives, activities and accomplishments.  

We are committed to working with you, our licensees and regulated industries, to make New Jersey a more affordable place to do business. Part of that, of course, involves maintaining regular communication with you.  Read Full Story

This past fall, a new Bureau of Fraud Deterrence was created within DOBI. The Bureau, which is comprised of 90 civil investigators and staff who were previously part of the Office of the Insurance Fraud Prosecutor, officially began their duties in October 2010.

Their transfer from the Department of Law and Public Safety, where criminal prosecutions will remain, was part of the State’s 2011 fiscal budget. Read Full Story

One of the top priorities of Governor Chris Christie’s Administration is to make New Jersey more business friendly and to increase private sector jobs. A major component of that is eliminating or revising overly-burdensome, unnecessary or duplicative rules that prevent the creation of jobs and discourage investment.

The Department of Banking and Insurance has embraced the Administration’s pro-business agenda. Commissioner Considine’s approach has been to work with business, streamline the regulatory process and make the Department as adept at promoting the growth and stability of the businesses it regulates as it is at protecting consumers. Read Full Story

The Government Unit Deposit Protection Act (“GUDPA”) was initially enacted in 1970 for the purpose of providing additional protection, over and above federal deposit insurance, to local government units such as counties, municipalities and school districts for funds deposited in participating financial institutions.  Since its inception in 1970, New Jersey has never experienced a loss related to GUDPA.  In Washington State, one bank’s failure in 2007-2008 forced other participating banks to pay a total of $15 million to cover the failed bank’s government deposits. Read Full Story

One of the biggest events last year was the Dec. 1 Commissioner’s Banking Symposium which featured Governor Chris Christie as the keynote speaker.

“New Jersey over the last decade has been an enemy of economic growth. We threw a wet blanket over it and drove people and resources out of this state. The effect was devastating to private sector jobs and that’s why you see this administration’s dedication to a consistent set of principles that this government will stand for,” Governor Chris Christie told the audience of more than 200 that included bankers from every part of the state.

Topics discussed at the event included: the New Jersey economy, the banking outlook and the merger and acquisition landscape.

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Commissioner Tom Considine and key members of the Department of Banking and Insurance met with and updated members of the mortgage bankers industry at “A Day with DOBI” Jan. 18, 2011.

The National Mortgage Licensing System (NMLS), Surety Bond Waivers, the New Jersey Continuing Education Requirements, use of credit report information in approving licenses, annual reports and call reports and other current issues regarding licensing and renewals were among the topics discussed.

Commissioner Considine kicked off the event with opening remarks.

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In December, the Conference of State Bank Supervisors (CSBS) reaccredited the Department’s Banking Division following a comprehensive review. The CSBS reviews state banking departments every five years for regulatory performance. New Jersey has been accredited since 1986.

Reaccreditation is necessary for the Department to conduct its core mission of regulating the financial stability and efficiency of New Jersey’s banking industry in a manner that protects consumers while promoting the growth of those markets. Read Full Story

New Jersey Department of Banking and Insurance Commissioner Tom Considine recently cited the Reinsurance and Surplus Lines Stimulus Act, which Governor Chris Christie signed in March, as a growth engine for the economy that will create jobs and expand the insurance market.

Considine said that this law, together with the recently enacted Captives law, provides a powerful insurance economic development package. Read Full Story

In October 2010, the National Association of Insurance Commissioners (NAIC) reaccredited the Department’s Insurance Division following a thorough evaluation. The NAIC reviews state insurance departments every five years to ensure adequate statutory and administrative standards for financial solvency oversight.

The Real Estate Commission (REC) hosted a seminar in October 2010 at the East Brunswick Hilton for members of the real estate industry to earn continuing education credits.

About 320 people attended the event which included remarks by Commissioner Tom Considine, the REC Executive Director Robert Kinniebrew and the Banking Division Director Garret Komjathy. Attendees of the event included real estate licensees, school directors and instructors as well as other interested parties.

“Continuing education makes members of the real estate industry stand out from their colleagues in other states. These courses help licensees build upon their skills and be more effective in their professional field,” Commissioner Considine said. Read Full Story