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May 27, 2011 at 08:00 PM
The New Jersey Department of Banking and Insurance has started taking applications from companies that want to form captive insurers in New Jersey or move existing captives to the Garden State.
New Jersey Gov. Chris Christie, R, signed a bill permitting the formation of captives into law in February.
New Jersey will let companies set up life, health or annuity captives in the state.
A life company must have a qualified life actuary certify the adequacy of its loss reserves, and state law requires a captive to “maintain reserves that are actuarially sufficient to support the liabilities incurred by the captive insurance company reinsuring life insurance policies,” officials say.
