TDCI reshuffles captive insurance oversight
The Tennessee Department of Commerce and Insurance (TDCI) has appointed Jennifer Stalvey to the role of director of captive insurance. She has been with TDCI since 2014 and was promoted to assistant director of the captive insurance section in 2015.
Stalvey takes the place of Michael Corbett, who was director of captive insurance since 2011 and now becomes director of business development, a new position at TDCI. In his new role he is responsible for spearheading efforts to bring more insurance companies to Tennessee. He is also establishing objectives with the Tennessee Captive Insurance Association (TCIA) for captive promotional activities in 2020.
TDCI commissioner Hodgen Mainda said: “Since Tennessee’s captive insurance laws were revamped in 2011, Tennessee has experienced significant growth in the captive insurance sector and is now the seventh-largest captive domicile in the US.”
Stalvey said: “Captive insurance in Tennessee has progressed a long way in just a short time. I hope to build on our successes with unprecedented growth in the years ahead. I speak for myself and the entire captive regulatory team when I say we are all equally committed to making Tennessee a domicile of choice for captive formation.”
Tennessee has 192 licensed captive insurance companies, according to TDCI, and 460 cell companies, totaling 652 risk bearing entities. Tennessee captive insurance companies have collected $12.9 million in revenues and over $5.1 billion in premium deposits since inception.