The Tennessee Department of Commerce and Insurance (TDCI) has licensed Mattoon Insurance Company, marking the state’s 200th licensed captive insurance company.
Tennessee has licensed four captive companies already in 2020 with six more captives currently in the approval process, TDCI’s captive insurance section director Jennifer Stalvey revealed.
Stalvey said: “2020 looks to be another impressive growth year for Tennessee’s captive sector.”
TDCI commissioner Hodgen Mainda added: “The licensing of Tennessee’s 200th captive is a significant landmark because it is proof of how far Tennessee has come in the relatively short time since our captive insurance regulations were revised to make Tennessee more attractive to captive insurance companies.”
Since Tennessee’s captive insurance laws were revamped in 2011, the state has experienced significant growth in the captive insurance sector and is now the seventh-largest captive domicile in the US, according to TDCI.