NJ BANKERS ENDORSES KEYSTATE’S BANK CAPTIVE PROGRAM

CRANFORD, New Jersey. (May 2015) The New Jersey Bankers Association (NJBankers) has endorsed KeyState’s Bank Captive Program. NJBankers is the eleventh state banking association or their for profit subsidiary to endorse the program. 

This program allows banks with $1 B and above in assets to form their own captive insurance company. The captive augments a bank’s commercial policies by covering the existing commercial deductible layers, increasing coverage levels on existing policies (excess layers), and identifying other currently unfunded risks to insure where commercial insurance is not available to the bank. The captive insurance company is implemented by Crowe Horwath LLP, a national CPA firm, and then managed on an ongoing basis by KeyState Captive Management. If properly structured, the captive may also allow the bank to take advantage of a significant small business incentive available under a section of the tax code.

“We are very enthusiastic about bringing this program to New Jersey banks” explained James Meredith, NJ Bankers EVP and COO. “Over 90 percent of Indiana’s eligible banks have already formed or will form their own captive insurance company since the Bank Captive Program was introduced by KeyState, a little more than two years ago.”



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ABOUT NJBANKERS SERVICE CORPORATION, INC.

For more than 109 years the New Jersey Bankers Association, or NJBankers, has been an advocate for the New Jersey banking industry. The NJBankers mission is to represent our membership’s interests before state and federal government and regulatory authorities. In addition, NJBankers provides our members with services and support in public and media relations, education and employee health insurance benefit programs and assistance in meeting Community Reinvestment Act regulations. Learn more about NJBankers at www.njbankers.com or call 908-272-8500. 

ABOUT KEYSTATE COMPANIES

Founded in 1990, The KeyState Companies are based in Las Vegas, NV and provide banks with innovative and independent services and expertise in risk management, investments, treasury, regulatory compliance and corporate governance. KeyState is not a broker dealer. Learn more about KeyState Companies at www.key-state.com or call (702) 598-3738.