After rewriting its captive statute back in 2011, the captive insurance market in Tennessee has seen “explosive growth”, according to the state’s insurance commissioner Julie Mix McPeak.
Mix McPeak explained that the state has continued to build on the successes and synergies created over the previous six years.
The latest annual survey of Tennessee captive insurance professionals showed that the state’s captive insurance sector has generated an economic impact of over $692 million during 2016, representing an increase of 59 percent compared to 2015.
The insurance commissioner suggested that having learned from other domiciles, Tennessee has earned its rightful place as a domicile of choice.
As of 21 December, three new rules will be implemented to modernise captive insurance in Tennessee and set the Volunteer State apart from other US domiciles.
Mix McPeak said: "With Nashville, captive owners find a great city to fly in and out of, along with captive management, actuarial, accounting, and financial expertise all located here.”," says Mix McPeak
To read more about Tennessee's progress, download the latest issue of Captive Insurance Times here.
