Michael Corbett joins Pinnacle Bank as Senior Vice President
NASHVILLE, TN – Michael A. Corbett will join Pinnacle Bank as Senior Vice President effective March 16, 2020 after serving over 8 years as the regulatory director of Captive insurance for the State of Tennessee’s Department of Commerce and Insurance (TDCI).
“Eight years ago, I committed to former Commissioner McPeak and former Governor Haslam that I would establish Tennessee as a “domicile of choice” for the formation of captive insurance companies. I was honored when I was asked to renew this commitment by Commissioner Mainda and Governor Lee. After licensing 669 Risk Bearing Entities (RBEs) made up of 200 captives insurance companies and over 460 cell companies representing over $1.4 billion in annual premium, I believe I have fully completed this task,” said Corbett.
In 2011, then insurance commissioner, Julie Mix McPeak, recruited Corbett to build a captive insurance regulatory section within the TDCI. Since then, captives have been formed across a wide spectrum of industries including Hospital Corporation of America, International Paper, Nissan Motors and Pinnacle Bank.
Corbett is a nationally recognized leader in the captive insurance market, since the inception of TDCI’s Captive Insurance Section in 2011. He was named 2015 Captive Professional of the Year at the US Captive Service Awards. In 2016, 2017 and 2018 he was named to Captive Review Magazine’s “Power 50 List” of the global industry’s most influential leaders.
Prior to joining the Department of Commerce and Insurance, Mr. Corbett developed an institutional financial consulting practice at a major brokerage house that focused on captive insurance companies. During this time, Mr. Corbett sat on the finance committee of the Vermont Captive Insurance Association and served as its Chairman.
Mr. Corbett will end his tenure at TDCI on March 6, 2020, he said, “It has been my honor to serve the State of Tennessee in establishing the Captive Insurance market and making Tennessee a top tier domicile for the industry. I am now returning to the private sector to continue the work of promoting Tennessee as a “gold standard” domicile.”
Corbett added, “I wish all my colleagues good luck and good fortune at the Tennessee Department of Commerce and Insurance and I look forward to seeing many of them at industry events throughout the year. I leave the Captive Section with a deep and broad bench of very talented captive insurance company analysts and examiners led by two very talented captive regulatory and examination directors: Ms. Jennifer Stalvey, Director and Ms. Cathy Gray, Assistant Director.”
Kevin Doherty, Tennessee Captive Insurance Association president said, “On behalf of the TCIA, we wish to congratulate Michael Corbett on his many years of service within the Tennessee Department of Commerce and Insurance and wish him much success in his new role. Tennessee Captives would certainly not be where they are today without his hard work. We welcome his continued expertise as he transitions into the private sector.”
The Tennessee Captive Insurance Association was established in 2011 and has been instrumental in Tennessee’s recognition as a best-in-class domicile. TCIA provides advocacy, education and leadership to professionals who serve the Tennessee Captive Insurance industry. For the most current TCIA news and to learn more about membership, please follow us on Linkedin, Twitter, Facebook or visit our website at TNCaptives.org.