There would be no captive industry in Tennessee without departing Tennessee Department of Commerce and Insurance (TDCI) commissioner Julie Mix McPeak, according to Tennessee Captive Insurance Association (TCIA) president Kevin Doherty.
The TDCI announced yesterday that McPeak was leaving after more than eight years in the role, effective 14 June.
Deputy commissioner Carter Lawrence will serve as the department’s interim commissioner until a permanent commissioner is selected.
McPeak was appointed as commissioner by former-Governor Bill Haslam in 2011 and has played an integral role in the creation and growth of the Tennessee captive insurance industry.
Doherty said McPeak had been “excellent” for the state’s captive industry and that the TCIA was “sad to see her go”.
He commented: “I would say if it weren’t for Julie Mix McPeak we wouldn’t have a captive industry in Tennessee, she was the catalyst who got it started when she first became commissioner.”
“McPeak took the steps when she first took office eight years ago to initiate the legislative process to get a good captive law in place, and she has supported the growth of the captive division and encouraged the private sector as well.”
Doherty added that he was not concerned about the future of the state’s captive industry following the commissioner’s departure.
He said: “I think the captive industry is really strong right now in Tennessee and is supported by all political factions, and when we have legislative issues we almost always have a unanimous vote in the legislature.”
“I think we have a very well rounded and strong industry, and I expect that to continue, which is thanks to McPeak and her leadership over the past eight years.”
“Eight years is a long time. We have had a good chance to get up and running and I think we will continue to thrive.”
