NASHVILLE, Tenn., Jan. 7 -- The Tennessee Department of Commerce and Insurance issued the following news:
The captive insurance industry is thriving in Tennessee. The Tennessee Department of Commerce and Insurance's Captive Insurance Section ended 2013 with 32 licensed captives, a nomination for "Onshore Domicile of the Year" by Captive Review, and the passing of landmark captive insurance legislation.
"We are encouraged by the growth of the captive insurance sector in Tennessee," says Commerce and Insurance Commissioner Julie Mix McPeak. "Since re-opening our doors to captive insurance, our staff has committed to making Tennessee a best in class onshore domicile. We are proud to offer interested captive insurers an easily accessible domicile that boasts a booming business environment, strong legislative and industry support, and expert staff at the Department of Commerce and Insurance."
In 2013, the Captive Insurance Section licensed an additional 23 captives bringing the total number to 32 by end-of-year. Of those 32 companies, three of the companies include 10 cell companies within the captive.
Looking toward 2014, Director of Captive Insurance Michael A. Corbett reports an exciting start to the New Year. "We have already licensed a captive in 2014 bringing our total to 33 licensed captives in Tennessee," says Corbett. "The growth we have seen thus far is an indicator that our formula is working. Tennessee has the gold-standard in captive legislation, support at all levels of state government and strong leadership in Commissioner McPeak, an easily accessible location, and most importantly, a reputation for being committed to thriving business, job growth, and market integrity."
To learn more about captive insurance in Tennessee click here (http://tn.gov/insurance/captive/documents/CaptiveInsBroc_4_13.pdf).
Visit the Captive Insurance Section's website here (http://tn.gov/insurance/captive/index.shtml).
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