The Tennessee Department of Commerce and Insurance (TDCI) has confirmed that it licensed 57 new captive insurance companies during 2015.
The new captives include 47 pure captives, four risk retention groups (RRGs) and six protected cell captives.
The figures also include seven redomestications, which is the largest number to occur since Tennessee’s captive insurance law was revamped in 2011.
The 57 new captives represent a 37 percent increase over 2014, advancing Tennessee’s overall number of captives to 126.
TDCI commissioner Julie Mix McPeak commented: “The department welcomes the new captive insurance companies to Tennessee and we continue to maintain the proper regulation of the captive insurance market.”
Looking forward to 2016, Michael Corbett, captive director of TDCI, said: “We plan to ensure that staffing needs are adequate to meet the needs of the market.”
