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 NJ Department of Banking and Insurance
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Meet the Commissioner

Richard J. Badolato, a veteran civil litigator and partner in the Connell Foley law firm in Roseland, was named Acting Commissioner of the Department of Banking and Insurance by Governor Chris Christie on June 22, 2015; he was confirmed as Commissioner by the State Senate in May 2016 and took the oath of office in June 2016.

Mr. Badolato’s legal career of nearly five decades has been marked by service not only to his clients but also to the bar, the legal profession, and the executive and judicial branches of New Jersey state government.

His experience on the trial and appellate levels in both State and Federal Courts has included: medical, legal, and dental malpractice; products liability; all forms of general liability; construction litigation; automobile litigation; insurance coverage and policy interpretation; subrogation recovery, fire and theft losses; and declaratory judgment proceedings.
Commissioner
Richard J. Badolato

In 2013, he received the Medal of Honor from the New Jersey State Bar Foundation, the highest award given by the organization. In 2015, he was selected by the New Jersey Law Journal as winner of their first-ever “Lifetime Achievement Award” and also received the Essex County Bar Association’s Samuel S. Saiber Professional Achievement Award.

Previously, Mr. Badolato served as Chairman of the Supreme Court’s Advisory Committee on Professional Ethics, the Supreme Court’s Committee on “E” Filing, and the New Jersey Commission on Ethics 20/20. He is also a former member of Governor Christie’s Advisory Panel for New Jersey Judicial Appointments.

In addition to his many other appointments, Mr. Badolato is the former president of both the New Jersey State Bar Association and the Essex County Bar Association.

Mr. Badolato earned his law degree from Rutgers University and his undergraduate degree from Fairfield University. He and his wife Betty reside in Verona. They have five children.
 
Department Mission Statement
The mission of the Department of Banking and Insurance is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of those industries.   New Jersey Department of Banking and Insurance
 
New Jersey and the Conference of State Bank Supervisors
The New Jersey Department of Banking and Insurance is a member of the Conference of State Bank Supervisors, the nationwide organization of state banking regulators from all 50 states and the U.S. territories.

 
Conference of State Bank Supervisors
For more than a century, CSBS has given state supervisors a national forum to coordinate supervision of their regulated entities and to develop regulatory policy. CSBS also provides training and professional development to state banking and financial regulators and represents its members before Congress and the federal financial regulatory agencies. The mission of CSBS is to support the leadership role of state banking supervisors in advancing the state banking system and state financial regulation, benefiting the public by ensuring safety and soundness, promoting economic growth and consumer protection, and fostering innovative state regulation and supervision of the financial services industry.
 
New Jersey and the National Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) is the organization of insurance regulators from the 50 States, the District of Columbia and U.S. territories. The state of New Jersey is part of the U.S. insurance regulatory framework which is a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace.

 

 National Association of Insurance Commissioners
Through the NAIC, U.S. insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in all its major standard setting initiatives, including working with fellow regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.
 
OPRA
 OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
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New Jersey Department of Banking and Insurance