The Tennessee Department of Commerce and Insurance’s (TDCI) Captive Insurance Section has licensed its 1000th risk-bearing entity.
The TDCI’s Captive Insurance Section is responsible for regulating the Tennessee captive insurance industry.
Tennessee is the 9th largest captive domicile in the US, according to the Insurance Information Institution’s 2022 rankings. It’s also the 13th largest in the world, according to Allianz Global 2022.
In addition to this, Tennessee businesses paid a total of US$2.4 billion in premiums in 2022.
Formed in 1983, the Tennessee Distributors Insurance Company (TDIC), a wholly owned subsidiary of the Tennessee Valley Public Power Association, is the oldest-operating association involved in captive insurance in Tennessee.
The TDIC’s commissioner Carter Lawrence says: “While Tennessee is one of the oldest domiciles in the US, it wasn’t until our captive insurance statutes were modernised in 2011 that the captive insurance market in Tennessee began to flourish.”
“Since then, Tennessee's captive industry has grown both in company size, licensees, and professional captive service providers every year. The support of Governor Bill Lee, the Tennessee General Assembly, and the Tennessee Captive Insurance Association has enabled captive insurance to grow steadily in Tennessee, and I am proud TDCI has been able to facilitate that development.”
