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TRENTON—Ken Kobylowski has been nominated to replace New Jersey Banking and Insurance Commissioner Tom Considine, who will resign to become chief operating officer of New York-based MagnaCare.
New Jersey Gov. Chris Christie, a Republican, announced Mr. Kobylowski’s nomination during a Monday press conference. Mr. Kobylowski is the chief of staff and acting director of the New Jersey Department of Banking and Insurance.
Mr. Considine will leave the department on Feb. 10.
“New Jersey's insurance regulatory climate and reputation in the banking sector have improved considerably because of the work of Tom Considine,” said Gov. Christie. “Under Tom’s leadership, the department was a model for bringing private-sector metrics and performance management to state government. In just two years, 59 new insurers have come into New Jersey while 64 others have expanded their authority.”
As commissioner, Mr. Considine presided over implementation of the state’s captive insurance law, which took effect last year.
The state’s first captive—Prudential New Jersey Captive Insurance Co.—received its license in July.