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Home > Insurance Division > Captive Insurance > Redomesticating a Captive Insurance Company to New Jersey
Redomesticating a Captive Insurance Company to New Jersey

The procedure for companies seeking to redomesticate a captive insurance company to New Jersey:
New Jersey Captive Insurance Domicile Redomestication
1.
Arrange a meeting or conference call to discuss the redomestication of a captive insurance company with OCI:
William P. White
Assistant Commissioner, Office of Captive Insurance
New Jersey Department of Banking and Insurance
Telephone: 609-940-7412
E-mail: william.white@dobi.nj.gov
2.
Applicants should summarize the reasons for redomesticating the captive insurance company and provide a copy of the current business plan and application, noting changes to be made if the application for redomestication goes forward. Applicants should review the Captive Reference Guide for a synopsis of the New Jersey application and regulatory requirements to assist in preparing the summary.
3.
After OCI reviews and confirms the summary information, applicants must submit an electronic and a paper copy of all documents and materials included in the Redomestication Admissions Packet for OCI’s review.  In some instances, current captive information may be deemed by OCI as satisfactory for submission. The business formation documents (File Certificates of Business Formation), and the appropriate business formation fee payable to the Treasurer, State of New Jersey should be included with the redomestication application.
4.
A petition to the Commissioner to issue a Certificate of Public Good should be prepared and submitted along with all documents in the Redomestication Application Packet to OCI.
5.
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.
6.
Turnaround time for the Department is 15 days from the application being deemed complete.
Other Requirements for Redomesticating a Captive Insurance Company to 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 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.
 
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New Jersey Department of Banking and Insurance