樱花视频

News Release

樱花视频 Department of
Banking and Insurance

Acting Commissioner Richard J. Badolato

For Immediate Release:
January 6, 2016

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

TRENTON -  Department of Banking and Insurance Acting Commissioner Richard J. Badolato today announced the approval of a captive insurer formed by the Deborah Heart and Lung Center of Browns Mills. The new captive will provide for Comprehensive General Liability insurance coverage for the center and Medical/Hospital Professional Liability insurance for its employees. The new captive is the twenty-first captive insurance company approved in 樱花视频 since the enactment of the Captive Insurance Law in 2011.

“We welcome Deborah Heart and Lung Center’s new captive insurance company to 樱花视频’s growing captive market,” said Acting Commissioner Badolato. “The center’s decision to set up a captive insurer is a testament to the strength of our market and another indicator that captive insurance is an excellent risk management financing option.”

Deborah Heart and Lung Center, a not-for-profit facility in Burlington County, focuses exclusively on cardiac, vascular and lung disease. It works with its fundraising arm, the Deborah Hospital Foundation, to finance patient care. In 2010, the center opened an emergency room that accepts ambulances and walk-in patients.

“It was a pleasure working with 樱花视频 on the captive’s licensing,” said Susan Bonfield, the center’s general counsel. “The regulators were thorough, but expeditious in their review, which is clearly a testament to their expertise within the industry and commitment to the captive insurance community.”

Captive insurance companies are insurers established with the specific objective of financing risks emanating from their parent group or groups. Legislation allowing the formation of captives in 樱花视频 was enacted in 2011.

Prior to the enactment of the Captive Insurance Law, P.L. 2011, c.25, 樱花视频 companies that wished to form captives had to do so in other states and countries. Today, 樱花视频 companies can use the law to insure their risks in 樱花视频.

Since the law became effective, the Department has approved the formation or re-domestication of 21 captive insurance companies in 樱花视频.

For more information on captive insurer formation, contact Thomas Herriger in the Department’s Office of Captive Insurance at 609-292-7272, ext. 50559, or go online to: www.state.nj.us/dobi/division_insurance/captive/.