The Tennessee Department of Commerce and Insurance has announced the licensing of the state's 20th captive. Under the leadership of insurance commissioner Julie McPeak and captive insurance director Michael Corbett, the captive insurance industry in Tennessee is going from strength to strength.
Captive insurance legislation in Tennessee dates back to 1978, when the first iteration of the statute was passed.
In 2011 the legislation was overhauled to improve Tennessee’s prospects as an onshore domicile. On 7 June 2013, governor Bill Haslam signed new legislation to make the state more accessible to captive insurers.
McPeak said: “Tennessee was one of the first states to have a captive insurance statute, and with the governor’s support we have revitalised the legislation and really developed this industry.”
Corbett added: “We are truly excited about the progress we have made since the revised captive laws were signed by governor Haslam back in 2011.”
“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 20.”
