Belinda Fortman has joined the Tennessee Department of Commerce and Insurance (TDCI) as a captive insurance section director, replacing Jennifer Stalvey, effective 29 June.
Fortman has previously managed various forms of captive insurance companies including pure, association, agency, protected cell, special purpose, reciprocals and risk retention groups.
She has also worked closely with clients in financial services, healthcare, retail, manufacturing, faith-based and other sectors making her “a perfect fit” for Tennessee-based captives, according to TDCI.
Fortman moved to Tennessee from Vermont in 2013 to support the growth of captive insurance in Tennessee.
During her career in the private sector, while working in Tennessee, Fortman has served as a director for the Tennessee Captive Insurance Association (TCIA).
Commenting on the appointment, TDCI commissioner Hodgen Mainda, said: “Captive insurance is a growing and important part of Tennessee’s thriving economy. Belinda [Fortman]’s decades of leadership and experience with captive insurance companies will help ensure Tennessee will continue to climb among the ranks of respected captive industry leaders.”
He added: “With her skills, knowledge, and proven track record, I am confident Belinda [Fortman] will help Tennessee become the leader for captive insurance domiciles in the country and the world.
Assistant commissioner of insurance Rachel Jrade-Rice said: ”We welcome the creation of new captives and captives moving to Tennessee from other states as well as international domiciles. In fact, any alien (or off-shore) captive will receive a one-year tax holiday if they redomesticate their captive to Tennessee.”
“I am confident Belinda [Fortman]’s captive insurance experience and expertise will build on Tennessee’s reputation as a respected captive domicile and contribute to taking the state to the next level,” Jardel-Rice added.
Commenting on her appointment, Fortman stated: “I applaud Tennessee’s leadership for having the vision to expand the state’s captive statute, and I look forward to working with Governor Bill Lee’s administration, the TDCI team and business leaders from around the world to continue to build on Tennessee’s position as a global leader in captive insurance.”
“Tennessee has grown to become one of the top-tier captive domiciles due to its business-friendly environment, responsive regulatory team, and low operating costs. Serving as the captive insurance section director is a wonderful opportunity to continue to contribute to the captive insurance industry in this state, and I am excited to be joining the TDCI team,” she added.
Earlier this week, the TDCI 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.
