NU Online News Service, March 21, 2:25 p.m. EDT
Armed with a brand new captive law, New Jersey's captive insurance association today announced the formation of an advisory board and a logo.
On Feb. 22, 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 association is honored by the involvement of our charter board members, some of whom are linked to the beginnings of the captive insurance industry," Gregg Sgambati, president of the New Jersey Captive Insurance Association (NJCIA), said in a statement.
The seven Advisory Board members named are:
- Andrew Barile, president of Andrew Barile Consulting Corporation Inc., who has a background in the insurance and reinsurance industries.
- Harry M. Baumgartner, of Bressler, Amery & Ross, P.C., an attorney and legal executive in the insurance industry with a corporate legal practice including the creation and operation of captive insurance companies.
- Leonard P. Crouse, CFE of The Towner Management Group, who was the deputy commissioner and director of captive insurance for the Vermont Department of Insurance for most of the past two decades.
- Richard W. Wright, senior vice president, Willis Captive Consulting Practice.
- Herbert R. Selander Jr., managing director, Marsh USA Inc. He has been a client executive for major Fortune 100 clients and is based in Morristown, NJ.
- Nicholas H. Teetelli, CEO, Maple Technologies, LLC, with experience in insurance product development, design and implementation and reinsurance intermediation.
- Christina Mancini, CEO/partner, Captive.com.
Goals for the board this year include working with the New Jersey Department of Banking and Insurance, promoting the new captive insurance industry, and guidance on member development and a member benefits package.
The board will meet twice yearly and hold quarterly conference calls, Mr. Sgambati said.
The bill was passed by both houses on Jan. 6, along with other "Back to Work N.J." bills.
"The fact that this bill passed the governor's litmus test, along with its unanimous passage in both houses, is a clear sign that we have an excellent economic opportunity for everyone here," Mr. Sgambati observed.
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