N.J. Admin. Code § 11:28-1.4

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:28-1.4 - Redomestication of captive insurance companies

(a) All captive insurance companies redomesticating to New Jersey shall file the following documentation with the Department:

1. A captive application for admission (form can be found on the Department's website at http://www.state.nj.us/dobi/division_insurance/captive/app_redomestication.htm). The application requests the name of the proposed captive, the type of captive, the parent, the directors, capital and surplus information and the names and addresses of professional service providers;

2. A detailed business plan (form outline can be found on the Department's website at the above address);

3. Biographical affidavits (form can be found on the Department's website at the address above) - one for each incorporator, officer, and director of a redomesticating corporate captive, or each manager and member owning a 10 percent or greater interest in a L.L.C. applying to redomesticate as a captive;

4. Designee to receive Department documents (which form can be found on the Department's website at the above address);

5. Designee for Receipt of Service of Process in accordance with N.J.S.A. 17:47B-2b.(4) (form can be found on the Department's website at the above address);

6. Current examination reports;

7. A year-end financial statement and any subsequently issued quarterly statements;

8. The last audited financial statement;

9. The appropriate cost as set forth in N.J.A.C. 11:28-1.5;

10. A statement of good standing and letter from domicile stating that there are no open issues; and

11. The Commissioner may, in lieu of any of the documents listed in (a)1 through 10 above, request alternative and additional documentation, on the basis of which the Department may determine that the applicant has demonstrated that it sufficiently meets the financial requirements necessary for admission in this State as a captive insurance company.

(b) The Commissioner in his or her discretion may request alternative or additional documents and information as he or she deems necessary in order to make a finding that the application submissions demonstrate that: "the establishment and maintenance of the proposed captive will promote the general good of the State" pursuant to N.J.S.A. 17:47B-5d; or that the applicant sufficiently meets the financial requirements necessary for admission in this State as a captive insurance company. Information contained in any submissions made as set forth in this subsection and in (a) above that is specified in N.J.S.A. 17:47B-2c.(3) shall remain confidential as set forth therein.

(c) A captive shall not write any insurance business in this State unless, in accordance with N.J.S.A. 17:47B-2b.(3), it maintains its principal place of business in this State, which may be the New Jersey office of the captive insurer's manager, and utilizes an appropriate number of in-State professional service providers to carry out the business of the captive, including but not limited to, attorneys, accountants, managers, actuaries, and, if applicable, brokers and third party administrators.

N.J. Admin. Code § 11:28-1.4