N.J. Admin. Code § 11:28-1.7

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

Section 11:28-1.7 - Reporting requirements

(a) Pursuant to N.J.S.A. 17:47B-1 et seq., a captive insurance company doing business in this State shall annually submit to the Commissioner a report of their financial condition, verified by oath of two of the captive's executive officers, prior to March 1 of each year. An association captive shall file its report in the form required by N.J.S.A. 17:23-1 et seq.

(b) A captive insurance company that insures life and/or health insurance policies shall adhere to the following:

1. The captive insurance company shall use statutory accounting principles (that is, as documented in the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual) and shall submit the annual report in the form of the annual statement approved by the National Association of Insurance Commissioners for life insurers. The captive shall submit to the Department for approval any requests for modification or supplement to the annual statement form.

2. If the captive desires to use generally accepted accounting principles including any and all modifications thereto, based upon the nature of the business insured and the captive parent's domestic regulator prior to filing a report, it shall request approval to do so from the Commissioner. With the Commissioner's approval, it shall submit an annual report which shall include the appropriate or necessary modifications or adaptations thereto.

(c) The Commissioner in his or her discretion may request quarterly reports or financial data from a captive as necessary to confirm that a captive continues to fulfill the financial requirements necessary to qualify for admission as a captive in this State pursuant to N.J.S.A. 17:47B-1 et seq. and 17:23-1 et seq.

N.J. Admin. Code § 11:28-1.7