News release from state Department of Commerce and Insurance
NASHVILLE – The Tennessee Department of Commerce and Insurance (TDCI) proudly announces that Tennessee has been named to the shortlist of finalists for the U.S. Captive Domicile of the Year Award as part of the U.S. Captive Services Awards.
Open to all states with active captive legislation in the US, the awards recognize and reward those captive insurance providers who have excelled in the past year. Now in their fourth year, the U.S. Captive Services Awards are organized by London-based Captive Review magazine, which covers the global captive insurance community.
“We’re thrilled that Tennessee has been included for the second consecutive year on the shortlist for U.S. Captive Domicile of the Year,” said TDCI Commissioner Julie Mix McPeak. “This honor demonstrates that Tennessee’s commitment to captive insurance is drawing national attention while bolstering the state’s economy. We congratulate our fellow nominees.”
TDCI’s Captive Insurance Section is responsible for regulating the state’s captive insurance industry. A captive insurance company represents an option for many corporations and groups that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third-party insurers.
In 2011, the State of Tennessee revamped its captive insurance regulations. Nearly four years into revamping Tennessee’s captive regulations, Tennessee is home to 78 captive insurance companies that include 207 cell companies.
Results will be announced Aug. 10 in Burlington, Vermont.