NJ Department of Banking and Insurance

What NJ Department of Banking and Insurance does

The New Jersey Department of Banking and Insurance (NJ DOBI) is a state government regulatory agency headquartered in Trenton, New Jersey, operating under the authority of the State of New Jersey. The agency is responsible for regulating the banking, insurance, and real estate industries within New Jersey, exercising statutory authority over licensing, compliance monitoring, and enforcement of state laws governing these industries. It is overseen by Governor Mikie Sherrill and Lt. Governor Dr. Dale G. Caldwell, and operates with a reported headcount of approximately 88 employees.

The department's core service divisions include the Banking Division, the Insurance Division, and the Real Estate Commission, each providing regulatory oversight and consumer protection within their respective domains. Public-facing services include a Licensee Search tool that enables verification of professional licensing status, a Consumer Assistance and complaint filing system for banking, insurance, and real estate matters, and informational resources covering financial literacy, insurance guidance, and real estate transactions. Additionally, the department administers Get Covered New Jersey, the state's official health insurance marketplace established under the Affordable Care Act's Section 1332 State Innovation Waiver, designed to connect New Jersey residents to quality, affordable health insurance.

The agency does not operate as a commercial enterprise and generates no revenue; its operations are funded through state budget allocations. Its customer base consists of New Jersey residents seeking consumer assistance, banking, insurance, and real estate industry professionals subject to state regulation, and uninsured or underinsured residents seeking health insurance coverage. The department has no disclosed technology platform, proprietary AI or ML capabilities, or commercial go-to-motion; its primary distribution channel is its official government website at nj.gov/dobi.

Name

NJ Department of Banking and Insurance

Legal name

New Jersey Department of Banking and Insurance

Website

https://dobi.nj.gov

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

The New Jersey Department of Banking and Insurance is a state government regulatory agency headquartered in Trenton, NJ, that regulates the banking, insurance, and real estate industries in New Jersey and administers Get Covered New Jersey, the state's official ACA health insurance marketplace, serving consumers, regulated industry professionals, and health insurance seekers statewide.

Ownership category

akta.pro rank

Product category

State Banking, Insurance, and Real Estate Regulation

akta.pro industry

PRIMARYBPAIAOAK

Financial Services Regulators (Banking, Securities, Insurance)

Business & Public Services/Public Sector & Government Administration/Regulatory Agencies & Licensing (Cross-sector)

SECONDARYHLAJACAA

Health Policy & Legislation Authorities

Healthcare & Life Sciences/Public Health, Government & Regulators/Health Policy, Regulation & Compliance Authorities

Keywords

• State banking regulation
• Insurance industry oversight
• Real estate licensing
• Consumer financial protection
• Health insurance marketplace

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Distribution channels2 records

Marketing channels1 record

Core offering

The NJ Department of Banking and Insurance is a New Jersey state government regulatory agency that regulates the banking, insurance, and real estate industries through its Banking Division, Insurance Division, and Real Estate Commission. It issues licenses, monitors compliance, enforces state laws, and handles consumer complaints and inquiries related to these industries. It also administers Get Covered New Jersey, the state's official health insurance marketplace established under the ACA Section 1332 State Innovation Waiver, connecting New Jersey residents to affordable health insurance coverage.

Product overview

The NJ Department of Banking and Insurance is a state government agency, not a technology product company. It operates as a unified regulatory body offering multiple service divisions including the Banking Division, Insurance Division, and Real Estate Commission. The department also administers Get Covered New Jersey, the state's official health insurance marketplace. Key public-facing services include a licensee search tool and a consumer assistance/complaints filing system. The agency provides regulatory oversight, consumer protection, and health insurance enrollment services through its divisions.

Differentiator

Problem solved

Functional benefit

Brands

• Get Covered New Jersey: State's Official Health Insurance Marketplace operating under the ACA

Products and services

• Banking Division Regulatory oversight of banking institutions in New Jersey, providing professional and timely regulation that protects consumers and promotes financial stability. Serves as the state authority supervising banks operating in New Jersey.
• Insurance Division Oversight of the insurance industry in New Jersey, regulating insurance products and providers to protect consumers. Administers insurance market conduct and ensures compliance with state insurance laws.
• Real Estate Commission Regulatory oversight of real estate transactions and licensing in New Jersey, protecting consumers in real estate matters and licensing real estate professionals.
• Get Covered New Jersey The State's Official Health Insurance Marketplace, operating under the Division of Insurance, designed to connect New Jerseyans to quality, affordable health insurance through an innovative and effective state-based exchange platform. Includes Special Enrollment Period eligibility determination.
• Licensee Search Public search tool allowing consumers to verify the licensing status of banking, insurance, and real estate professionals in New Jersey.
• Consumer Assistance - Inquiries/Complaints Filing system for consumers seeking help with banking, insurance, or real estate issues and complaints. Available to New Jersey residents needing assistance with industry-related issues.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves4 records

Expansion highlights3 records

Direct peers

• Illinois Department of Insurance: State insurance regulator with consumer complaint resolution, licensing, and market oversight duties that align directly with NJ DOBI's Insurance Division responsibilities.
• Massachusetts Division of Insurance: State insurance regulator with consumer protection and rate-setting functions comparable to NJ DOBI's Insurance Division. Both operate in states with active ACA marketplace programs.
• Ohio Department of Insurance: Midwestern state insurance regulator offering consumer services, licensee search, and industry oversight structurally equivalent to NJ DOBI's Insurance Division offerings.
• Pennsylvania Insurance Department: State insurance regulatory agency with licensing, market conduct, and consumer complaint functions that mirror the Insurance Division within NJ DOBI. Comparable in mid-Atlantic scope and in serving a state with significant insurance and banking industry presence.
• California Department of Insurance: State insurance regulator for the largest US insurance market, with consumer assistance, licensing, and enforcement functions analogous to NJ DOBI's Insurance Division. Differs in being insurance-only (no banking or real estate) and in operating under a separate elected Commissioner structure.
• Florida Office of Insurance Regulation: Florida's dedicated insurance regulatory office with licensing, rate review, and consumer protection functions paralleling NJ DOBI's Insurance Division. Comparable as a state-level standalone regulator focused primarily on insurance oversight.
• Texas Department of Insurance: State insurance regulator providing consumer assistance, licensing, and oversight of property/casualty and life/health carriers — analogous to NJ DOBI's Insurance Division. Larger in scope due to Texas market size, but functionally comparable.
• Delaware Department of Insurance: Small-state insurance regulator with consumer complaint, licensing, and fraud oversight functions analogous to NJ DOBI's Insurance Division. Comparable as a state-level agency serving a concentrated insurance market.
• New York State Department of Financial Services: A fellow US state regulatory agency with combined banking and insurance oversight authority. Directly comparable to NJ DOBI in mandate scope (banking + insurance regulation + consumer protection) and in operating a state-regulated environment, though larger in scale and headquartered in Albany.
• Connecticut Insurance Department: Regional state insurance regulator for Connecticut, providing licensing, market conduct, and consumer assistance services that closely mirror NJ DOBI's insurance-side offerings. Comparable in Northeast scope and population size.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat1 record

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/new-jersey-department-of-banking-and-insurance

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about NJ Department of Banking and Insurance