The Tennesee Department of Commerce and Insurance (TDCI) commissioner Hodgen Mainda has appointed Michael Corbett and Jennifer Stalvey to new leadership roles in the department.
Corbett has been named to the newly created director of business development of RDCI’s insurance division. He has worked as the director of the TDCI’s captive insurance section since 2011.
Stalvey has been appointed as director of TDCI’s captive insurance section. She has been working at the department since 2014 and was promoted to assistant director of the captive insurance section in 2015.
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.
Corbett’s role will focus on cultivating new opportunities separate from insurance regulation by leveraging his experience, contacts in the industry and regulatory knowledge.
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.”
Since Tennessee’s captive insurance laws were revamped in 2011, Tennessee has experienced significant growth in the captive insurance sector and is now the seventh-largest captive domicile in the US.
Through December this year, Tennessee has 192 licensed captive insurance companies and 460 cell companies totalling 652 risk-bearing entities. Tennessee captive insurance companies have collected $12.9 million in revenues and over $5.1 billion in premium deposits since inception.
As part of his new role, Corbett will develop contacts to help bring more insurance companies to Tennessee as well as establishing objectives with the Tennessee Captive Insurance Association (TCIA) for captive promotional activities during the calendar year 2020.
Corbett said: “I leave the captive section in good hands as my esteemed colleague Jennifer Stalvey will continue to bring strong regulatory oversight to the captive section with continued streamlining of the analysis and examination processes utilising best practices.”
Commenting on her new role, Stalvey: “Captive insurance in Tennessee has progressed a long way in just a short time. I hope to build on our successes with unprecedented growth in the years ahead. I speak for myself and the entire captive regulatory team when I say we are all equally committed to making Tennessee a domicile of choice for captive formation.”
Commissioner Mainda was appointed by Governor Bill Lee to lead the Department of Commerce and Insurance starting 1 October 2019.
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”.