Tennessee


When signing the revised Captive Statute, which made the state’s existing captive insurance laws more effective, balanced, and flexible, did you expect it to be such a success?

We went in with one expectation: if we build a best-in-class captive regulatory department, sensitive to the needs of owners, managers and service providers, we will increase employment and investment in the State of Tennessee.

How has Tennessee changed as a domicile since 2011?

We have witnessed a significant evolution from four years ago. Starting with a staff of one, we have developed into a 12-member team of trained and experienced professional staff dedicated to the growth and development of Tennessee captives.

After reaching 100 licensed captives, what has been the key to Tennessee’s success?

Several factors come to mind, including: timely responsiveness to the needs of captive owners and service providers; both governor Bill Haslam and commissioner Julie Mix McPeak providing consistent support for improving and modernising the Captive Statute; and the strong geographic attractiveness of Nashville.

Was 2015 a good year for Tennessee? How many captives did you license and what types of captives did you sign up?
 
The count is not yet final, however, preliminary estimates are that 2015 saw 56 new captives licensed, which was a 37 percent increase over 2014 results. This will bring the total number of captives at calendar year-end 2015 to 126. Cumulative risk bearing entities will close 2015 at 430, a 58 percent increase over cumulative calendar year 2014. 

These figures are comprised of six protected cell captives, including 102 new cell companies, 46 pure captives and four risk retention groups.

Being located in a highly competitive market for captive insurance, what separates Tennessee from competitors?

There are many great domiciles to choose from both domestically and internationally. Tennessee has great geographic location, top-draw regulatory staff, and an engaged and committed governor and commissioner. That combination offers a superior choice for anyone starting or moving a captive insurance company.

Looking to 2016, what plans do you have to ensure the growth of Tennessee continues?

We plan to ensure that staffing needs are adequate to meet the needs of the market. We will also work with the Tennessee Captive Insurance Association to coordinate the legislative packages that keep the statute up to date, and continue to communicate to the ever-growing captive insurance community that Tennessee is a great place to do business. CIT
Domicile profiles
The latest domicile profiles from Captive Insurance Times
Tennessee’s governor, commissioner, general assembly and business community have all worked together to create ‘explosive growth’ in the state’s captive insurance industry. Julie Mix McPeak explains more
Newly-appointed chairman of CCIA Michael Maglaras suggests that the future is bright for state’s captive industry
Asset Servicing Times

Visit our sister site
for all the latest asset servicing news and analysis

assetservicingtimes.com
Although the Isle of Man is currently focusing on updating its regulatory framework, Solvency II, Brexit and the Asian market all hold big opportunities for the island
Debbie Walker of the North Carolina Department of Insurance tells Becky Butcher why the state is among 2017’s standout performers
Experts convene to talk to Becky Butcher about the stability that Guernsey represents in a challenging financial and political environment
In an era of increasing uncertainty, Tamatoa Jonassen suggests that the Cook Islands can be a bridge to financial security in a captive
With a dedicated captive plan in place, the Lone Star State is on the rise, says Josh Magden of the Texas Captive Insurance Association
After 36 years of captive business, Vermont boasts a culture of legislative change, and still has a few tricks up its sleeve. Dan Towle and David Provost explain
Features
The latest features from Captive Insurance Times
Jeremy Colombik of MSI and NCCIA chair explains to Becky Butcher that Notice 2016-66 could be detrimental to not just North Carolina, but other domiciles that are home to smaller captives
Dan Towle, president of CICA and Zach Finn, professor at Butler University, discuss their new professional development partnership, which will see students learn about the variety of career opportunities in captive insurance
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Alan Cabello of AGCS discusses blockchain technology, captives and the future
Alan Fine of Brown Smith Wallace explains how the industry should proceed after the Avrahami court case ruling
Dana Hentges Sheridan, general counsel and chief compliance officer at Active Captive Management, provides insight into the differences between business risks and insurance risks
Predicting when interest rates will change is difficult, which is even more reason to maintain a disciplined approach to your investments, according to Stephen Nedwicki of Comerica Bank
Looking ahead to 2018, Phillip Giles of QBE North America predicts continued uncertainty for the healthcare reform
Michael Schroeder of Roundstone explains why transparency, control and cost savings are the secret sauce offered by a medical captive
Interviews
The latest interviews from Captive Insurance Times