How to Form a Captive
The process of forming a captive insurance company in Tennessee will generally involve the following steps:
- Call or email the Director of Captive Insurance or staff to discuss the proposed captive insurance company and obtain initial reactions from the Department.
- Prepare documents necessary for corporate formation. Submit your formation documents to the Department for approval by the Commissioner. Once approved by the Commissioner, present the documents to the Secretary of State, along with appropriate fees and the Commissioner’s approval letter. Once filed with the Secretary of State, obtain a copy of the formation certification to submit with your application to the Department.
- Prepare documents necessary for application to the Department. Application documents should be submitted electronically to firstname.lastname@example.org. The documents should be submitted as separate PDF documents in accordance with Index for Captive Application. Include a $675.00 application fee (additional fees may be required pursuant to the statute).
- Schedule an in-person meeting between the captive owner(s) and the Captive Section to be held at our offices at 500 James Robertson Parkway in Nashville.
- Application materials may be assigned to an outside review firm if deemed necessary by the Commissioner.
- Once your application is approved by the Department, a Certificate of Authority Issuance fee of $440.00 is due.
- Select a Tennessee designated captive management firm, actuary firm, and CPA firm
- If your captive manager is not currently designated as a service provider in Tennessee, they must complete the Captive Manager Designation Form for Captive Insurance Companies.
- If your actuary is not currently designated as a service provider in Tennessee, they must submit the Actuary Designation Form for Captive Insurance Companies.
- If your CPA is not currently designated as a service provider in Tennessee, they must submit the Certified Public Accountant Designation Form for Captive Insurance Companies.