New Jersey Commissioner of Banking and Insurance
|New Jersey Commissioner Banking and Insurance|
|Office website:||Official Link|
|2013 FY Budget:||$63,450,000|
|Length of term:||Serves at the pleasure of the governor|
|Authority:||New Jersey State Statutes, Title 17, Section 1-1|
|Selection Method:||Appointed by Governor|
|Assumed office:||February 11, 2012|
|Other New Jersey Executive Offices|
|Governor • Lieutenant Governor • Secretary of State • Attorney General • Treasurer • Comptroller• Commissioner of Education • Agriculture Secretary • Insurance Commissioner • Commissioner of Environmental Protection • Labor Commissioner • Public Utilities Board|
The Commissioner serves as head of the Department of Banking and Insurance which is responsible for regulating the banking, insurance and real estate industries in the state.
The Department of Banking and Insurance was orignially established by "An act to establish a Department of Banking and Insurance" (1891) and is continued in Title 17, Section 1-1 of the New Jersey State Statutes:
All the powers, functions and duties of the existing Department of Banking and Department of Insurance and the commissioners thereof are continued in the Department of Banking and Insurance, and in the office of the commissioner thereof...
Per Title 17, Section 1-2 of the New Jersey State Statutes outlines the qualifications for commissioner:
- "No person shall be appointed commissioner who is in any way connected with the management or control of any corporation, firm, association, institution, or licensee affected by Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes"
- "Neither the commissioner nor any officer or employee of the department shall have any ownership of, interest in, or any dealings or transactions in any capacity with any financial institution, insurance company or other entity chartered, licensed or regulated by the department, except in the strict performance of the commissioner's, officer's or employee's duties."
The mission statement of the Department of Banking & 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."
Per Title 17:1-2 of the New Jersey Statutes, the Commissioner of Banking and Insurance is appointed by the governor with the advice and consent of the Senate and serves at the pleasure of the Governor. 
The budget for the Department of Banking and Insurance in Fiscal Year 2013 was $63,450,000.
NJ Department of Banking and Insurance
20 West State Street
PO Box 325
Trenton, NJ 08625
- ↑ Department of Banking and Insurance, "About the Department," accessed October 29, 2011
- ↑ New Jersey Department of Banking and Insurance, "Meet the Commissioner," accessed July 5, 2012
- ↑ 3.0 3.1 New Jersey Permanent Statutes Database, "17:1-2.Commissioner of Banking and Insurance, appointment, salary; interests prohibited to commissioner, officers, employees," accessed October 29, 2011
- ↑ State of New Jersey Department of Banking & Insurance, About the Department
- ↑ New Jersey Department of the Treasury, "FY 2012 - 2013 Appropriations Handbook," accessed April 22, 2013
- ↑ The Council of State Governments,"The Book of States 2010 Table 4.11," retrieved June 22, 2011