Tennessee Celebrates Grand “Re-Opening” as Captive Domicile
December 8, 2011 – More than 100 captive insurance industry professionals and corporate risk management executives gathered in Nashville, TN this week for the Tennessee Captive Insurance Association, Inc. (TCIA) Inaugural Annual Conference, which served as the grand “re-opening” for Tennessee as a captive domicile.
Tennessee Insurance Commissioner Julie McPeak kicked off a full day of educational sessions by welcoming attendees and introducing several members of her captive regulatory team. She commented that captive insurance applications received this far are generally “meeting or exceeding expectations,” a clear signal that Tennessee is being viewed as a quality domicile.
Commissioner McPeak also announced that the department has published updated information regarding captive insurance opportunities in Tennessee, which can be accessed on-line at captive.tn.gov.
TCIA Chairman and President Kevin Doherty reported that the association already has 38 members and is creating new volunteer committees to create immediate involvement opportunities. He also announced that TCIA will be holding regular networking events in 2012, and that captive insurance companies will be granted complimentary one-year memberships.
Finally, he acknowledged the support of the following event sponsors:
- Arthur J. Gallagher Risk Management Svcs., Inc.
- Bartlett Actuarial Group, Ltd.
- Crowe Horwath LLP
- Johnson Lambert & Co. LLP
- Merlinos & Associates, Inc.
- Preferred Reinsurance Intermediaries, Inc.
- Risk Retention Reporter
- Select Actuarial Services
- SIGMA Actuarial Consulting Group, Inc.
- Self-Insurance Institute of America, Inc.
- Wells Fargo Insurance Services USA, Inc.
Tennessee’s key captive regulators participated in a panel discussion session focused on application and licensing procedures, as well as the state’s appetite for various types of captive programs. Notable comments from the regulators included:
- It is highly recommended that individuals interested in bringing captive programs to Tennessee should schedule an initial meeting with regulators to introduce key principles (manager, attorney, banker, etc.) prior to submitting an application.
- The department has published an initial list of approved captive managers based on listings of approved captive managers in other domiciles. A process is currently being developed to approve additional captive managers.
- They are interested in not only the company, but also the specific company representatives who will have client management responsibilities as part of the approved captive manager review process.
- Once an application is approved, the Department’s goal is to have the license issued in 30 days.
The conference was capped off with an off-site social event featuring a live performance by three prominent country music songwriters, giving attendees a true “Music City” experience.
Stay updated on TCIA activities at www.tncaptives.org, and/or through the association’s Facebook page (friend us now).