Tennessee Among Finalists Again for U.S. Captive Domicile of the Year Award

NASHVILLE – For the third consecutive year, Tennessee has been named to the shortlist of finalists for the U.S. Captive Domicile of the Year Award as part of the U.S. Captive Services Awards.

Open to all states with active captive legislation in the U.S., the awards recognize and reward those captive insurance providers who have excelled in the past year. Now in their fifth year, the U.S. Captive Services Awards are organized by London-based Captive Review magazine, which covers the global captive insurance community.

The Tennessee Department of Commerce & Insurance’s (TDCI) Captive Insurance Section is responsible for regulating the state’s captive insurance industry.  A captive insurance company represents an option for many corporations and groups wanting greater financial control and risk management through underwriting their own insurance rather than paying premiums to third-party insurers.

“We sincerely hope that the third time is a charm, and Tennessee takes the top spot as the U.S. Captive Domicile of the Year,” said TDCI Commissioner Julie Mix McPeak. “Win or lose, this nomination again shows the international captive insurance community that Tennessee remains at the forefront of captive insurance regulation, and we’re not slowing down.”

In 2011, the State of Tennessee first revamped its captive insurance regulations and has continued modernizing its regulations, including new legislation approved earlier this year. Tennessee now has 133 captive insurance companies and 321 cell companies for a total of 454 risk-bearing entities (RBEs). A recent survey estimates that Tennessee captive insurance companies have created an estimated $436 million economic impact through direct and indirect spending.

The awards ceremony will be held on August 8, 2016 at the Hilton in Burlington, Vt.