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New Jersey Commissioner of Banking and Insurance
| New Jersey Commissioner Banking and Insurance | |
 | |
| 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 | |
| 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 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:
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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
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
- ↑ Department of Banking and Insurance, "About the Department," accessed October 29, 2011
- ↑ 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
- ↑ 3.0 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
- ↑ State of New Jersey, "Appropriations Handbook: Fiscal Year 2024-2025," accessed January 21, 2025
- ↑ NJ.com, "N.J. Republican leaders block pay raises for top state officials," September 28, 2011
- ↑ New Jersey State Legislature, "Joint Resolution No. 1," March 5, 1999
- ↑ LegiScan, "Assembly, No. 3067," February 7, 2013
- ↑ Council of State Governments, "Book of the States 2023 Table 4.11: Selected State Administrative Officials: Annual Salaries," accessed January 21, 2025
- ↑ Council of State Governments, "Book of the States 2022 Table 4.11: Selected State Administrative Officials: Annual Salaries," provided to Ballotpedia by CSG personnel
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries, 2016," accessed August 27, 2016
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries, 2015," accessed August 27, 2016
- ↑ Council of State Governments, "Selected State Administrative Officials: Annual Salaries," accessed December 3, 2014
- ↑ Council of State Governments, "Table 4.11 Selected State Administrative Officials: Annual Salaries," accessed January 31, 2014
- ↑ The Council of State Governments, "The Book of States 2010 Table 4.11," accessed June 22, 2011
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