New Jersey (NJ)
The New Jersey Department of Banking and Insurance
The Division of Insurance is comprised of units which are charged with the licensing and oversight of the various types of insurance regulated by the State of New Jersey.
The Division of Insurance issues licenses to insurance companies, producers and other risk-assuming entities, reviews insurance products and rates for compliance with existing regulations, and monitors the financial solvency of licensees to ensure product availability in the marketplace.
The Division also responds to consumer concerns and inquiries and endeavors to educate consumers regarding insurance products and issues.
The mission of the Department of Banking and Insurance is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of those industries.
The Superintendent, in order to better supervise financial products and services, including those subject to the provisions of the Insurance Law and the Banking Law may take any actions necessary to:
- foster the growth of the financial industry in New York and spur state economic development through judicious regulation and vigilant supervision;
- ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services;
- ensure fair, timely and equitable fulfillment of the financial obligations of such providers;
- protect users of financial products and services from financially impaired or insolvent providers of such services;
- encourage high standards of honesty, transparency, fair business practices and public responsibility;
- eliminate financial fraud, other criminal abuse and unethical conduct in the industry; and
- educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services.
Richard J. Badolato was named Acting Commissioner of the Department of Banking and Insurance by Governor Chris Christie on June 22, 2015.
Mr. Badolato’s legal career of nearly five decades has been marked by service not only to his clients but also to the bar, the legal profession, and the executive and judicial branches of New Jersey state government.
His experience on the trial and appellate levels in both State and Federal Courts has included: medical, legal, and dental malpractice; products liability; all forms of general liability; construction litigation; automobile litigation; insurance coverage and policy interpretation; subrogation recovery, fire and theft losses; and declaratory judgment proceedings.
New Jersey Annuity Resources: The Consumer Assistance Unit is responsible for investigating many types of insurance-related inquiries and complaints that fall within the jurisdiction of the Department of Banking and Insurance. Requests for assistance or inquiries involving all lines of insurance (other than Managed Care medical complaints) must be submitted to our Department through the Consumer Inquiry and Response Center (CIRC).
|State Commissioner:||Richard J. Badolato|
|Annuity Guarantee Limit:||$100,000|
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