N.J. Admin. Code § 11:28-1.19
No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market or otherwise, any voting security of a domestic captive if, after the consummation thereof, such person would, directly or indirectly (or by conversion or by exercise of any right to acquire) be in control of such captive; and no person shall enter into an agreement to merge with or otherwise to acquire control of a domestic captive without the prior written approval of the Commissioner. In considering any application for merger, consolidation or mutualization with a domestic captive, the Commissioner shall consider all of the facts and circumstances surrounding the application as well as the criteria for the establishment of a captive set out in this chapter.
N.J. Admin. Code § 11:28-1.19