Michael Corbett Joins Insurance Division as Captives Director
Monday, October 10, 2011 | 05:27am
NASHVILLE- Michael A. Corbett has joined the Insurance Division as director of captive insurance, as the Department of Commerce and Insurance (TDCI) continues to update its approach to regulating the sector’s market in Tennessee.
The hiring comes on the heels of the State’s regulatory update of Tennessee’s captives market, led by legislation from Tennessee Gov. Bill Haslam that became law during this year’s legislative session. On September 1, TDCI Commissioner Julie Mix McPeak approved the first captive insurer application since the regulatory update.
“The hiring of Michael puts in place just the sort of executive-level talent we have wanted to help engage companies in and outside Tennessee about the benefits of our market as a prospective home for captive insurers,” McPeak said. “Working with Assistant Commissioner Larry Knight and within Larry’s team of insurance professionals, Michael brings more than 30 years’ experience in the financial industry and will add depth to the considerable talent already resident in the department.”
Before joining TDCI, Corbett worked as a financial advisor and corporate stock benefit consultant specializing in captive insurance investment management for domestic and international captive insurance companies.
Captive insurers are created by companies to bear the risk for an insurance need – workers compensation, for example – and exist in different forms. The companies pay premiums to captives and, in turn, amass insurance funds through the captives. Public Chapter No. 468, passed during this year’s session of the General Assembly, updated a decades-old Tennessee law regarding captive insurance companies. It authorized the formation of sponsored captive insurance companies, branch captive insurance companies and special purpose financial captives (SPFCs).
The Department of Commerce and Insurance works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee. www.tn.gov/commerce/