Tennessee licensed a captive in the first weeks of 2014, according to the Department of Insurance. The domicile is building on momentum from 2013, which saw licenses increase by more than 250 percent.
Michael Corbett, director of captive insurance, said: “we have already licensed a captive in 2014, bringing our total to 33 licensed captives in Tennessee. The growth we have seen thus far is an indicator that our formula is working. Tennessee has the gold-standard in captive legislation.”
Tennessee licensed 23 captives in 2013, bringing the year-end total to 32. Tennessee was one of the first captive domiciles in US, but when the captives department was created through reform legislation in 2011 there were a mere two captives on the books.
Julie Mix McPeak, commerce and insurance commissioner, said: “we are encourage by the growth of the captive insurance sector in Tennessee. Since re-opening our doors to captive insurance, our staff has committed to making Tennessee a best in class onshore domicile.“
Tennessee, captive formations