New Jersey officials announced this week that the state approved a captive insurance company for telecommunications services giant Verizon Communications Inc.
The new captive, called Exchange Indemnity Company New Jersey (EICNJ), is a subsidiary of Verizon and the first captive insurer approved in New Jersey this year, and there are more companies with “applications in the pipeline,” according to state officials.
Last year, the department of banking and insurance approved three captives, after the state’s Captive Insurers Act was enacted in Feb. 2011.
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