New Jersey Department of Banking and Insurance

The New Jersey Department of Banking and Insurance (DOBI) is one of 15 principal departments in New Jersey government. The Department’s mission 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 these industries. The current Commissioner of the DOBI is Richard J. Badolato.

Under the New Jersey State Constitution, all executive and administrative offices are allocated among not more than 20 principal departments. Following the ratification of the 1947 State Constitution, the DOBI was one of 13 departments created. In 1970, the Department was split into two separate departments, Banking and Insurance respectively, only to be merged back together in 1996 as a cost savings measure by Governor Christine Todd Whitman.

Since 1996, the commissioners of DOBI have been:

The Division of Banking licenses and regulates all state-chartered financial institutions, currently numbering 88 banks and 19 credit unions. The Division has been accredited by the Conference of State Bank Supervisors (CSBS) since 1986 and earned a five-year reaccreditation in 2010.

The Division’s duties, specifically the Office of Depositories, include overseeing the financial solvency of state-chartered banks and savings & loan institutions while also enforcing actions against those in violation of the Department’s regulations. The Division also processes and reviews applications by depository institutions for new charters, branches, relocations, plans of acquisition, mergers, bulk sales, stock conversions and auxiliary offices.

The Office of Consumer Finance conducts similar financial solvency examinations on credit unions and also regulates and responds to complaints relating to a number of different types of licensed lenders, which include:

The Real Estate Commission, which is located within the Division of Banking, ensures that members of the real estate industry comply with existing laws and regulations. When violations are suspected, the Commission investigates these claims and either resolves them or conducts hearings concerning the violations. Additionally, the Commission registers all licensed brokers in the state and inspects their operations and offices. The formal Commission consists of 8 members (7 appointed by the Governor and one government representative) that conduct hearings related to potential violations.

The Division of Insurance regulates the state’s insurance industry, including the life, health, and property & casualty insurance industries. The Division currently employs approximately 330 individuals in four units. The Division was reaccredited in 2010 by the National Association of Insurance Commissioners (NAIC) for five years.

...
Wikipedia