NU Online News Service, March 21, 2:25 p.m.EDT

Armed with a brand new captive law, New Jersey's captiveinsurance association today announced the formation of an advisoryboard and a logo.

On Feb. 22, Governor Chris Christie signed into law legislation thatenables New Jersey to license and regulate captive insurancecompanies, creating a new industry in the state.

"The association is honored by the involvement of our charterboard members, some of whom are linked to the beginnings of thecaptive insurance industry," Gregg Sgambati, president of the NewJersey Captive Insurance Association (NJCIA), said in astatement. 

The seven Advisory Board members named are:

• Andrew Barile, president of Andrew Barile ConsultingCorporation Inc., who has a background in the insurance andreinsurance industries.
• Harry M. Baumgartner, of Bressler, Amery & Ross, P.C., anattorney and legal executive in the insurance industry with acorporate legal practice including the creation and operation ofcaptive insurance companies.
• Leonard P. Crouse, CFE of The Towner Management Group, who wasthe deputy commissioner and director of captive insurance for theVermont Department of Insurance for most of the past twodecades. 
• Richard W. Wright, senior vice president, Willis CaptiveConsulting Practice.
• Herbert R. Selander Jr., managing director, Marsh USA Inc. Hehas been a client executive for major Fortune 100 clients and isbased in Morristown, NJ.
• Nicholas H. Teetelli, CEO, Maple Technologies, LLC, withexperience in insurance product development, design andimplementation and reinsurance intermediation.
• Christina Mancini, CEO/partner, Captive.com.

Goals for the board this year include working with the NewJersey Department of Banking and Insurance, promoting the newcaptive insurance industry, and guidance on member development anda member benefits package.

The board will meet twice yearly and hold quarterly conferencecalls, 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 signthat we have an excellent economic opportunity for everyone here,"Mr. Sgambati observed.