New Jersey has approved the formation of QualCare Captive Insurance Company (QCIC), the first sponsored cell captive in the state.
QCIC will use newly formed sister company, QualCare Management Resources, to provide the captive insurance management and financial services it needs for its clients and partners.
The new captive will allow for both members of the parent company of QualCare (QualCare Alliance Networks) and third party entities to participate in the risk/reward opportunities associated with medical stop loss coverages related to their self-insured medical benefit plans.
John McSorley, executive vice president of QCIC, said: “We are excited to receive licensure and look forward to the value we can bring to our stakeholders and others in the marketplace that can benefit from our alternative risk offerings.”
Ken Kobyloweki, New Jersey commissioner of banking and insurance, said: “The department is pleased to welcome QCIC to New Jersey’s expanding captive insurance market.”
“We have now licensed nine captive insurance companies in New Jersey since the captive insurance law was enacted in 2011. This market is a success story and it exemplifies the strong economic development agenda that the Christie Administration has established here.”
