The Tennessee Report is introduced by Julie Mix McPeak, Commissioner for the Tennessee Department of Commerce and Insurance:
As the commissioner of the Tennessee Department of Commerce and Insurance, I am pleased to highlight the successes earned by the Tennessee Captive Insurance Section in recent years and discuss our future.
Backed with the full support of Governor Bill Haslam and the Legislature, Tennessee’s captive statute was revised in 2011 to create effective, flexible and balanced regulations that are focused on a business mindset and marketplace needs.
Along with our new, modernized laws, Tennessee installed a trained regulatory staff whose goal is establishing Tennessee as a viable captive domicile to promote investment and job creation. Leading that team is Michael Corbett, a regulator with 30 years of financial experience in the private sector who has helped build and develop our top-flight staff and work with businesses choosing Tennessee as a domicile.
Our work is paying dividends as Tennessee takes its place on the international stage as a destination for captive insurance companies.
Since 2011, Tennessee has become home to 302 risk-bearing entities (83 captive insurance companies and 219 cell companies). In financial year 15-16, revenues for captive insurance will grow in Tennessee to approximately $2.3m from $1.3m in financial year 14-15. Projections show Tennessee collecting $4m in financial year 16-17. And the accolades are piling up too, as Michael Corbett was named 2015 Captive Professional of the Year during the US Captive Services Awards.
Looking ahead, we must continue to improve Tennessee’s captive insurance statute, ensuring that it stays relevant to the changing needs of the business marketplace. We must maintain a regulatory staff that has a sterling reputation as knowledgeable, experienced and supportive. We must support the service provider industry as it continues to expand across Tennessee.
When you think of a captive domicile, think of Tennessee. You are welcome here!