New Jersey Commissioner of Banking and Insurance

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New Jersey Commissioner Banking and Insurance

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General information
Office Type:  Nonpartisan
Office website:  Official Link
Compensation:  $175,000
2025 FY Budget:  $75,263,000
Term limits:  None
Structure
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
Current Officeholder(s)

New Jersey Commissioner of Banking and Insurance Justin Zimmerman
Nonpartisan
Assumed office: November 8, 2024

Other New Jersey Executive Offices
GovernorLieutenant GovernorSecretary of StateAttorney GeneralTreasurerComptrollerCommissioner of EducationAgriculture SecretaryInsurance CommissionerCommissioner of Environmental ProtectionLabor CommissionerPublic Utilities Board

The New Jersey Commissioner of Banking and Insurance is a state executive position in the New Jersey state government.

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.[1]

Current officeholder

The current New Jersey Commissioner of Banking and Insurance is Justin Zimmerman (nonpartisan). Zimmerman assumed office in 2024.

Authority

The Department of Banking and Insurance was originally 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...[2]

Qualifications

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."[3]

Appointments

New Jersey state government organizational chart

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 state Senate and serves at the pleasure of the governor.[3]

Vacancies

Note: Ballotpedia's state executive officials project researches the constitutional or statutory text that details the process of filling vacancies for a state executive office. That information for the New Jersey Commissioner of Banking and Insurance has not yet been added. After extensive research, we were unable to identify any relevant information on state official websites. If you have any additional information about this office for inclusion on this section and/or page, please email us.

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."[4]

Divisions

Note: Ballotpedia's state executive officials project researches state official websites for information that describes the divisions (if any exist) of a state executive office. That information for the New Jersey Commissioner of Banking and Insurance has not yet been added. After extensive research we were unable to identify any relevant information on state official websites. If you have any additional information about this office for inclusion on this section and/or page, please email us.

State budget

See also: New Jersey state budget and finances

The budget for the Department of Banking and Insurance in Fiscal Year 2025 was $75,263,000.[5]

Compensation

See also: Compensation of state executive officers

The salaries of state executive officials are determined by the New Jersey State Legislature. State executive officers, along with judicial and legislative officials, have not received salary increases since 2002. A seven-member salary commission determined annual pay for state officials from its creation in 1999 until legislators eliminated the commission in 2014. All cabinet officials under the governor's office receive annual salaries of $141,000 as legislators have not approved pay increases since the commission's elimination.[6][7][8]

2023

In 2023, the officer's salary was $175,000, according to the Council of State Governments.[9]

2022

In 2022, the officer's salary was $175,000, according to the Council of State Governments.[10]

2016

In 2016, the insurance commissioner received a salary of $130,000, according to the Council of State Governments.[11]

2015

In 2015, the insurance commissioner received a salary of $130,000, according to the Council of State Governments.[12]

2014

In 2014, the commissioner received a salary of $141,000, according to the Council of State Governments.[13]

2013

In 2013, the commissioner's salary remained at $130,000, according to the Council of State Governments.[14]

2010

In 2010, the commissioner received a salary of $130,000, according to the Council of State Governments.[15]

Historical officeholders

Note: Ballotpedia's state executive officials project researches state official websites for chronological lists of historical officeholders; information for the New Jersey Commissioner of Banking and Insurance has not yet been added because the information was unavailable on the relevant state official websites, or we are currently in the process of formatting the list for this office. If you have any additional information about this office for inclusion on this section and/or page, please email us.

Contact information

NJ Department of Banking and Insurance
20 West State Street
PO Box 325
Trenton, NJ 08625
Phone: 609-292-7272
Hotline: 1-800-446-7467

See also

New Jersey State Executive Elections News and Analysis
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External links

Footnotes

  1. Department of Banking and Insurance, "About the Department," accessed October 29, 2011
  2. JUSTIA US Law, "2014 New Jersey Revised Statutes Title 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE, Section 17:1-1 - Department of Banking and Insurance reconstituted," accessed Sept. 5, 2015
  3. 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
  4. State of New Jersey Department of Banking & Insurance, About the Department
  5. State of New Jersey, "Appropriations Handbook: Fiscal Year 2024-2025," accessed January 21, 2025
  6. NJ.com, "N.J. Republican leaders block pay raises for top state officials," September 28, 2011
  7. New Jersey State Legislature, "Joint Resolution No. 1," March 5, 1999
  8. LegiScan, "Assembly, No. 3067," February 7, 2013
  9. Council of State Governments, "Book of the States 2023 Table 4.11: Selected State Administrative Officials: Annual Salaries," accessed January 21, 2025
  10. Council of State Governments, "Book of the States 2022 Table 4.11: Selected State Administrative Officials: Annual Salaries," provided to Ballotpedia by CSG personnel
  11. Council of State Governments, "Selected State Administrative Officials: Annual Salaries, 2016," accessed August 27, 2016
  12. Council of State Governments, "Selected State Administrative Officials: Annual Salaries, 2015," accessed August 27, 2016
  13. Council of State Governments, "Selected State Administrative Officials: Annual Salaries," accessed December 3, 2014
  14. Council of State Governments, "Table 4.11 Selected State Administrative Officials: Annual Salaries," accessed January 31, 2014
  15. The Council of State Governments, "The Book of States 2010 Table 4.11," accessed June 22, 2011