Key Takeaways
- The New Jersey Department of Banking and Insurance (DOBI) regulates all insurance activities in New Jersey under Title 17B of the New Jersey Statutes
- The Commissioner of Banking and Insurance is appointed by the Governor with Senate confirmation
- DOBI handles licensing, enforcement, consumer complaints, rate review, and market conduct examinations
- New Jersey insurance law is found in Title 17B of the New Jersey Statutes (N.J.S.A. 17B)
- New Jersey requires fingerprinting and background checks for all insurance license applicants
New Jersey Department of Banking and Insurance (DOBI)
Important: This study guide covers New Jersey state-specific Life & Health insurance content only. You should complete the national Life & Health exam preparation first, as it covers the foundational insurance concepts tested on your exam.
The New Jersey Department of Banking and Insurance (DOBI) is the state agency responsible for regulating the insurance industry in New Jersey. Unlike some states where the commissioner is elected, New Jersey's Commissioner is appointed.
The Commissioner of Banking and Insurance
The Commissioner of Banking and Insurance is:
- Appointed by the Governor with Senate confirmation
- Responsible for enforcing Title 17B of the New Jersey Statutes
- Authorized to adopt regulations, investigate violations, and discipline licensees
- Oversees both banking and insurance regulation in New Jersey
Commissioner Powers and Duties
| Power | Description |
|---|---|
| Licensing | Issue, suspend, and revoke producer licenses |
| Rulemaking | Adopt regulations interpreting insurance statutes |
| Enforcement | Investigate and prosecute violations |
| Rate Review | Approve or disapprove insurance rates |
| Consumer Protection | Handle complaints and protect policyholders |
| Market Conduct | Examine insurer business practices |
New Jersey Insurance Law
New Jersey insurance law is found in Title 17B of the New Jersey Statutes (N.J.S.A. 17B):
- Licensing requirements for producers and insurers
- Policy standards and required provisions
- Consumer protections and disclosure requirements
- Prohibited practices and penalties
- Claims handling requirements
Exam Tip: Remember that the Insurance Commissioner is APPOINTED in New Jersey (not elected). The commissioner oversees both banking and insurance.
DOBI Organization
DOBI operates through several divisions:
- Office of Life and Health - Regulates life, health, and annuity products
- Office of Property and Casualty - Regulates P&C products
- Office of Consumer Protection Services - Handles consumer complaints
- Office of Solvency Regulation - Monitors insurer financial health
- Office of the Insurance Fraud Prosecutor - Investigates fraud
How is the New Jersey Commissioner of Banking and Insurance selected?
Where is New Jersey insurance law primarily found?