Governor Chris Christie signed into law legislation that enables New Jersey to license and regulate captive insurance companies, creating a new industry in the state.
The signing of bill A2360 allows New Jersey to join other domestic and international locations to become a captive insurance domicile. The captive insurance law will go into effect in 90 days from Feb. 22, when the bill was signed.
Gregg Sgambati, president of the New Jersey Captive Insurance Association (NJCIA), said in a statement that captive insurance companies create a path to new tax revenue, job creation and economic stimulus as a result of the businesses that set up to provide services to the industry. In addition, he said these special insurance companies will give existing corporations new reasons to do business in New Jersey.
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