Tennessee Department of Commerce and Insurance announces 20th captive license
Monday, July 22, 2013 | 03:37am
NASHVILLE – Tennessee Department of Commerce and Insurance Commissioner Julie Mix McPeak is proud to announce the licensing of their 20th captive. Under the leadership of McPeak and Captive Insurance Director Michael Corbett, the captive insurance industry in Tennessee is thriving.
“Tennessee was one of the first states to have a captive insurance statute, and with the governor’s support we have revitalized the legislation and really developed this industry,” McPeak said.
Captive insurance legislation has a long history in Tennessee with the first iteration of the statute being passed in 1978. In 2011, that legislation was overhauled to position Tennessee as a desirable and welcoming on-shore domicile. On June 7, 2013, Gov. Bill Haslam signed new legislation to make the state more accessible to captive insurers. At present, Tennessee’s captive legislation allows for more types of captives than most other US domiciles and allows insurers to establish workers’ compensation captives, a facet of the legislation that is unique to Tennessee. The widespread support for captives, both legislatively and by regulators, makes Tennessee an easy investment choice for captive insurers.
“We are truly excited about the progress we have made since the revised captive laws were signed by Gov. Haslam back in 2011,” Corbett said. “With the unwavering support of Commissioner McPeak, we have put together an outstanding staff dedicated to captive formation and the unique needs of the captive marketplace. The remainder of 2013 looks especially bright and we look forward to announcing the next twenty.”
For more information on Tennessee’s captive insurance industry visit the Division of Captive Insurance online at: http://tn.gov/insurance/captive/index.shtml.
The Department of Commerce and Insurance works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee. Follow us on Facebook, Twitter and YouTube.