The Tennessee Department of Commerce and Insurance (TDCI) has revealed that despite uncertainty this year so far, the state’s insurance industry has “continued to thrive”.
The department revealed that it has licensed 203 captive insurance companies and 471 approved cell companies in Tennessee for a total of 674 risk-bearing entities compared to 652 at the end of 2019.
Rachel Jrade-Rice, TDCI assistant commissioner, said: “Despite the economic turmoil of 2020, our team has remained steadfastly focused on serving, assisting, and regulating the companies and professionals composing Tennessee’s insurance sector.”
“Through the halfway point of 2020, this is proof that our team is dedicated to serving consumers and responsibly regulating insurance companies,” Jrade-Rice added.
Elsewhere, Tennessee consumers have been repaid over $2.2 million so far in 2020 through the TDCI’s mediation efforts that resulted in denied claims being overturned for policyholders.
TDCI commissioner Hodgen Mainda said: “From the devastating storms of March and April to the COVID-19 pandemic, Tennessee consumers have faced personal and financial challenges like never before this year."
Mainda added: “I am immensely proud of my team’s work through the first six months of 2020 to intercede between insurance companies and policyholders in order to help consumers have money rightfully returned to them during this tumultuous period. I urge all Tennessee insurance consumers who have a complaint or a question regarding their insurance policy to contact us today.”
