Mark Wiedeman, director of captive insurance for the Tennessee Department of Commerce and Insurance, has announced new team members and policy updates. Kent Ussery has joined the department as a captive insurance specialist, bringing extensive experience in both public and corporate accounting. Ussery was previously a senior tax advisor at Riverfront Advisors. Prior to that, he worked as a senior tax accountant for different firms in Tennessee. Additionally, the department has updated the payment for third-party actuarial reviews. Businesses are now required to cover the costs of these reviews under certain circumstances. If a company fails to pay, it may face fines, penalties, or even revocation of its authority to operate. The department will not issue a certificate of authority or operational approval until payment is confirmed, even if the captive does not form after the initial review. Another policy change eliminates the requirement for depository agreements for both new formations and existing captive companies, except for risk retention groups. For new applications, banks must directly confirm the setup of accounts and initial capitalisation balances with the department. Existing companies that wish to cancel a depository agreement must submit a written request and receive departmental approval.
