The Tennessee Department of Commerce & Insurance (TDCI) commissioner Hodgen Mainda has described the state’s insurance sector as an “important and vital part” of its economy after $31.4 million was located and returned in combined life insurance benefits/annuities and monies returned through the department’s mediation efforts last year.
TDCI figures showed the growing importance of the insurance industry in the state, including 192 licensed captive insurance companies and 460 cell companies totalling 652 risk-bearing entities.
The Volunteer State also revealed a $22.2 billion nationwide premium written by Tennessee domestic insurance companies and $44.8 billion premium volume written in Tennessee by insurance companies.
Hodgen Mainda, the newly appointed TDCI Commissioner said: “When Tennesseans feel overwhelmed when it comes to questions about insurance policies and coverage, I urge them to remember that we are tireless advocates on behalf of consumers when it comes to answering questions and providing assistance.”
TDCI assistant commissioner Rachel Jrade-Rice, added: “Tennessee policyholders should remember that filing a complaint or otherwise contacting the department is always an option if they are ever denied a claim or even if they have a question or concern about their insurance policies. I join commissioner Mainda in congratulating our team on their work on behalf of consumers.”
In December, Mainda appointed Michael Corbett and Jennifer Stalvey to new leadership roles in the department.
Corbett was named director of business development of TDCI’s insurance division while Stalvey was appointed as director of TDCI’s captive insurance section.
Mainda said that Corbett will spearhead the department’s new effort to bring more insurance companies to Tennessee by taking on the role as director of business development.
With Stalvey assuming the leadership of the Captive Insurance Section, Mainda said that he is “confident Tennessee will quickly be recognised as a ‘best in class’ captive domicile.”
In a recent interview with Captive Insurance Times, Mainda said: “Collaboration has been key to Tennessee’s success as an innovator among domestic captive domiciles. We will continue our work with federal, state and local elected leaders.”
He also stated that his ambitions include “continuing the Volunteer State’s growth into an international economic leader”.
