A bill that will allow captive insurers in New Jersey passed both houses and is on its way to Gov. Chris Christie.
Bill A2360 would make New Jersey a captive insurance domicile and create a new industry in the state. The bill passed on Jan. 7 will take effect 90 days after its enactment, according to the New Jersey Captive Insurance Association (NJCIA).
The vote was 39-0 in the Senate and 74-0 in the Assembly. Assemblyman Gary Schaer, D-Passaic/Bergen/Essex, and Assemblywoman Denise Coyle, R-Morris/Somerset, are the bill's leading primary sponsors.
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