Tennessee governor William Haslam has signed new protected cell captive (PCC) insurance legislation, which was passed unanimously by both houses of the Tennessee General Assembly.
The new law lowers the capital and surplus requirements for a PCC from $500,000 to $250,000. It also enables a person or a business entity to sponsor a PCC and eliminates the requirement for a holding company.
Kevin Doherty, president and chairman of the Tennessee Captive Insurance Association (TCIA), said: “This legislation was a huge priority for the TCIA and I would like to commend our government relations committee, and co-chairs Cynthia Wiel and Norman Chandler in particular for all the effort they put forth during this process.”
Full details of the new legislation will be covered in a session at the TCIA’s Summer Spotlight in Johnson City, Tennessee on the 25-26 June.
