November Proclaimed Captive Insurance Appreciation Month in Tennessee

NASHVILLE - The Tennessee Department of Commerce & Insurance (TDCI) proudly announces that Tennessee Governor Bill Haslam has proclaimed November as Captive Insurance Appreciation Month. 

In 2011, Gov. Haslam signed the updated and revised State of Tennessee’s Captive Statute in order to make the state’s existing captive insurance laws more effective, balanced and flexible. TDCI’s Captive Section is responsible for regulating the captive insurance industry in Tennessee.

A captive insurance company (called a “captive”) represents an option for many corporations and groups that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third-party insurers.

“Under the leadership of Gov. Haslam, the captive insurance industry has grown exponentially in Tennessee while the Department has shown proper oversight of the industry,” said TDCI Commissioner Julie Mix McPeak. “We must continue to improve Tennessee’s captive insurance statute, ensuring that it stays relevant to the changing needs of the business marketplace.”

The changes to Tennessee’s captive regulations allowed the State to exert its dominance in the captive industry, becoming home to nearly 100 captive insurance companies, creating numerous jobs and revenues that will grow from $1.3 million in Fiscal Year (FY) 2015 to approximately $2.3 million in FY 2016. Earlier this year, more revisions were made to Tennessee’s captive insurance laws that will likely further enhance Tennessee’s ability to attract captive insurers. 

The international captive insurance industry has taken notice of Tennessee’s burgeoning growth in the captive insurance market. For the past two years, Tennessee has been a finalist for “Captive Domicile of the Year” by London-based Captive Review Magazine. Earlier this year, Captive Section Director Michael Corbett was honored by Captive Review by being named Captive Professional of the Year during the annual U.S. Captive Services Awards.

A digital copy of the 2015 Tennessee Captive report is available here.

“As we approach our anticipated 100th captive license, Tennessee is fast approaching the point of critical mass where we will have so much momentum that our place as a top five domicile in the U.S. will be unquestioned,” said Captive Insurance Section Director Michael Corbett. “We are keeping pace with the changing needs of the industry, and we are committed to meeting those needs.”

The fifth annual Tennessee Captive Insurance Association Annual Conference will be held at the Omni Nashville Hotel on Nov. 17 and Nov. 18 in downtown Nashville. Media coverage is welcome.

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