P&CNJeasy
Who heads the New Jersey Department of Banking and Insurance (DOBI), which has combined banking and insurance regulation since 1996?
AA five-member elected Insurance Board chosen by statewide voters in November
BThe Attorney General of New Jersey, ex officio, acting through the Department of Law
The Commissioner of Banking and Insurance, appointed by the Governor
DThe Chief Justice of the New Jersey Supreme Court, serving in a temporary administrative capacity
Why this is the answer
Under N.J.S.A. Title 17, DOBI is led by the Commissioner of Banking and Insurance, a gubernatorial appointee confirmed by the Senate. Since the 1996 merger, the Commissioner oversees both banking and insurance functions, including solvency regulation, licensing, and market conduct.
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