The 2024 Tennessee Captive Insurance Association sponsored legislation has unanimously passed the Tennessee house and senate and is being transmitted to the governor’s office for final adoption.

This legislation will improve Tennessee as a captive domicile by:

• allowing companies to go dormant while running off insurance liabilities and to align their tax payment deadline with their fiscal year
• defining what constitutes an agency captive and a material business plan change
• changing the number of incorporators or organizers for a captive from three to one
• waiving the annual in state board of directors meeting requirement for captives that have two Tennessee brick and mortar service providers
• removing the 5 year audit partner rotation requirement

Thank you, Tony Greer, TCIA's Government Relations Chair, and members of the Government Relations Committee for your ongoing dedication to uphold Tennessee's status as a leading domicile.

We would also like to thank Trammel Hoehn, TCIA's Lobbyist, for navigating the legislative process, ensuring that the needs and interests of Tennessee's captive insurance industry are effectively represented and championed. Your expertise and commitment have been instrumental in advancing this critical legislation.

Join the Government Relations Committee by emailing Info@tncaptives.org and keep Tennessee a top domicile.