Fox Team Assists Major NJ Hospital in Becoming First Nonprofit Hospital To Form Onshore Captive in New JerseyFebruary 11, 2016 – In The News
Carl A. Maio and Sandra A. Romaszewski were featured in the International Association of Defense Counsel article, “Fox Team Assists Major NJ Hospital in Becoming First Nonprofit Hospital To Form Onshore Captive in New Jersey." Full text can be found in the February 11, 2016, issue, but a synopsis is below.
A team of Fox Rothschild’s corporate insurance attorneys led by Carl Maio and Sandra Romaszewski assisted Deborah Heart and Lung Center in becoming the first non-profit 501(c)(3) on-shore captive in New Jersey.
The newly formed captive, Deborah Medical Associates Insurance Company, LLC, will provide comprehensive general liability insurance for the center and professional liability insurance for its employees.
“When Deborah first approached Fox, they originally wanted to form offshore,” said Maio. “We assessed the situation and advised the hospital’s leadership team to form the captive in New Jersey, as forming it in the state where the hospital is domiciled is preferable to offshore. Given New Jersey’s commitment to expanding its captive market, the state was extremely receptive to Deborah forming a captive insurance company in state.”
“Working with the NJDOBI, Deborah executives and the hospital’s board of directors, the Fox team developed a legal and insurance plan to form the captive and handled the complex application and filing. The captive was approved in only four months which was quite an accomplishment,” said Romaszewski, a Fox senior associate who worked with Maio. “Many similar filings fail or turn to offshore venues where regulation is less substantive.”
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