Captive Insurance Industry Leader Joins TDCI As Captive Insurance Section DirectorFortman Brings Decades of Industry Leading Experience to Help Tennessee Continue Ascension as Global Leader
NASHVILLE – The Tennessee Department of Commerce & Insurance (TDCI) announces that nationally recognized captive insurance executive and global leader Belinda Fortman will join TDCI as Captive Insurance Section Director.
Fortman, who moved to Tennessee from Vermont in 2013 to support the growth of captive insurance in Tennessee, draws on decades of experience in the industry — most recently leading her own captive management firm. Captive insurance is an option for companies to self-insure certain aspects of their business. The captive insurance sector has an estimated economic impact in Tennessee of $31 million in direct annual spending and employs more than 100 full-time professionals.
“Captive insurance is a growing and important part of Tennessee’s thriving economy. Belinda’s decades of leadership and experience with captive insurance companies will help ensure Tennessee will continue to climb among the ranks of respected captive industry leaders,” said TDCI Commissioner Hodgen Mainda. “With her skills, knowledge, and proven track record, I am confident Belinda will help Tennessee become the leader for captive insurance domiciles in the country and the world.”
Fortman’s client base has included Fortune 100 companies, large non-profit organizations, and mid-sized closely held firms. She has managed all forms of captive insurance companies including pure, association, agency, protected cell, special purpose, reciprocals and risk retention groups. An experienced leader, she has worked closely with clients in financial services, healthcare, retail, manufacturing, faith-based and other sectors making her a perfect fit for Tennessee-based captives.
During her career in the private sector, while working in Tennessee, Fortman served as a Director for the Tennessee Captive Insurance Association and saw the Volunteer State modernize its captives’ statute enabling Tennessee to grow its captive insurance companies from two companies in 2013 to more than 200 today.
“I applaud Tennessee’s leadership for having the vision to expand the state’s captive statute, and I look forward to working with Governor Bill Lee’s administration, the TDCI team and business leaders from around the world to continue to build on Tennessee’s position as a global leader in captive insurance,” said Fortman. “Tennessee has grown to become one of the top-tier captive domiciles due to its business-friendly environment, responsive regulatory team, and low operating costs. Serving as the Captive Insurance Section Director is a wonderful opportunity to continue to contribute to the captive insurance industry in this state, and I am excited to be joining the TDCI team.”
“Tennessee is an attractive domicile because of our centralized location, flexible and stable regulatory environment, competitive premium tax rates, options for capitalization, low operating costs, flexibility for investments and an experienced service infrastructure for captives including attorneys, accountants and actuaries,” said Assistant Commissioner of Insurance Rachel Jrade-Rice. “We welcome the creation of new captives and captives moving to Tennessee from other states as well as international domiciles. In fact, any alien (or off-shore) captive will receive a one-year tax holiday if they redomesticate their captive to Tennessee. I am confident Belinda’s captive insurance experience and expertise will build on Tennessee’s reputation as a respected captive domicile and contribute to taking the state to the next level.”
History of captive insurance in Tennessee:
- In 1978 Tennessee was one of the first states to adopt captive legislation.
- In 2011, Tennessee updated its captive statute to increase employment and investment in Tennessee.
- Since 2011, Tennessee has grown from two captives to more than 200 captives with more than 675 risk bearing entities.
- Tennessee ranks 12th out of 78 worldwide captive domiciles and ranks 7th in the United States.
- Tennessee named Domicile of The Year (Less Than 200 Captives) at the 2018 U.S. Captive Review Awards.
- Tennessee’s captives’ economic impact includes $16 million in revenue since inception, total premium deposits of $6.5 billion, and $3.1 million in annual taxes and fees.
- Tennessee has licensed nine new companies in 2020 with five active applications in process.
Fortman’s first day as captive section director will be June 29. She replaces Jennifer Stalvey.
“There will be a seamless transition as Belinda assumes her new role. We appreciate Jennifer Stalvey’s leadership, dedication and service to the State of Tennessee and to our captive insurance companies. We wish her well in her move to California,” said Commissioner Mainda. “Jennifer’s leadership and our entire captives team along with our business-friendly environment helped Tennessee become the seventh largest market for captives in the nation and 12th in the world.”