Upcoming Events

  • Thursday, August 01, 2024 4:00 PM
    Chuy's - Maryland Farms: 100 E Park Dr, Brentwood, TN 37027
  • Thursday, October 03, 2024 4:00 PM
    Chuy's - Maryland Farms: 100 E Park Dr, Brentwood, TN 37027
  • Monday, October 28, 2024
    Embassy Suites Downtown Nashville

Recent News

Log in

<< First  < Prev   1   2   Next >  Last >> 
  • Tuesday, July 09, 2024 10:53 AM | Admin Impact (Administrator)


     As anyone who witnessed the Tennessee Volunteers baseball team's magnificent run to a national title in the College World Series can attest, teamwork, attention to detail, and dedication are crucial to success. 

    You'll find a teamwork-oriented mindset throughout the Tennessee Department of Commerce & Insurance's Captive Insurance section. It is one of the main reasons why Tennessee stays at the forefront of the captive insurance industry. While other states may or may not create similar legislation, it's our teamwork combined with our business friendly environment along with our quality of life that make the biggest difference when it comes to captive insurance managers.

    Our commitment to teamwork includes our partnership with the Tennessee Captive Insurance Association (TCIA). Each year we review the state statutes every year with the TCIA to ascertain whether updates are needed. Sometimes the Department chooses to update the legislation and sometimes the TCIA will pass legislation on their own separately from the Department but with our support. For example, the TCIA successfully ran a bill during the 2024 legislative session that updated statutes related to examinations, in-person board meeting requirements, materiality for business plan changes and a number of incorporators required to form a captive in Tennessee as well as language addressing agency captives.

    Working together, Tennessee can provide the support, cooperation, and willingness to go the extra mile that makes the difference — and makes everyone a winner.

    Have a safe and wonderful summer!

    Commissioner Carter Lawrence


    I hope you all are enjoying the beginning of a healthy and happy summer. You may or may not be aware of some of our recent changes and updates effecting our team, so I'd like to take a moment to fill you in.

    We have one new hire, Kent Ussery. Kent is joining the team after making a career as a CPA in both public accounting and corporate accounting. I am happy to welcome him to the team!

    We also have some new policies adopted from the most recent legislative session. I invite you to reach out to us if you have any questions or clarifications about these policy changes. The updates to the statutes took effect on Monday, May 13, 2024 and are as follows:

    1. Payment of 3rd party actuarial reviews

    Contract reviews of feasibility studies are required in certain circumstances. These reviews are considered a form of examination under § 56-13-109, the cost of which is the responsibility of the company. Failure to pay these costs are grounds for the assessment of fines and/or penalties under section § 56-13-120 or revocation under section § 56-13-110.  It is now the policy that if a contract review of a feasibility study is determined necessary as part of the application process, the Certificate of Authority or approval to operate as a licensed insurance entity in Tennessee will be withheld until confirmation is received by the Department that the invoice for said review has been paid. This policy also applies even if the captive elects not to form after the initial review of the application.

    2. Elimination of the Depository Agreement requirement

    The new policy eliminates the requirement for the depository agreement for captive formations and existing companies except in the case of Risk Retention Groups (RRGs). This policy will impact both current and future applications as well as depository agreements already in place. Below is the process and particulars of the policy and its accompanying requirements.

    To facilitate the elimination of depository agreements, the Captive Department of the TDCI has implemented the following processes:

    Requirements for new applications:

    A confirmation of account setup and initial capitalization balance must be sent directly by the bank during the application process. No screenshots will be accepted. The bank may use whatever form is appropriate for their institution. Confirmations can be sent directly to our captive inbox at Captive.Insurance@tn.gov or by mail at

    Davy Crockett Tower

    ATTN: Captive Section

    500 James Robertson Parkway, 10th Floor

    Nashville, TN 37243-1130

    Requests to terminate Depository Agreements from existing accounts:

    A request to cancel an existing Depository Agreement must be made in writing and approved by the Department.

    Components of a request:

    Letter indicating that the company would like to cancel the Depository Agreement.

    Include the name of the institution that will house the funds; if institution will be changing, include both the current and requested institution.

    Written confirmation/acknowledgement, signed by an officer, that minimum statutory capitalization amount will remain unencumbered and unrestricted.

    Contact information of the institution where funds are held.

    Confirmation of balances must be sent within 20 days of setup or transfer. This can be done by sending a bank statement in a PDF or similar format. Screenshots will not be accepted.

    If you have any questions, please don't hesitate to reach out to us with them. We will be happy to cover any questions you have about your captive or the regulatory process.

    Captives Director Mark Wiedeman


    We continue to participate in conferences all over the country. Stop by our booth to say hello at these upcoming events.

    • August 12-15 — Vermont Captive Conference in Burlington, VT
    • September 9-10 — Bermuda Captive Conference in Hamilton, Bermuda
    • September 22-24 — SIIA National Conference in Scottsdale, AZ


    Would your agency or company like to have an in-person or virtual Meet and Greet with the Captive Section? Contact Director of Business Development Michael Schulz at Michael.Schulz@tn.gov or 615-532-8382.


    The Captive Standard is the Captive Section's quarterly newsletter for industry professionals in Tennessee. If you have colleagues who wish to receive these newsletters, please ask them to sign up for our email list.

    Captive Website

  • Tuesday, April 09, 2024 2:00 PM | Admin Impact (Administrator)

    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.

  • Wednesday, January 17, 2024 9:46 AM | Admin Impact (Administrator)

    The Tennessee Captive Insurance Association (TCIA) proudly announces the appointment of Michael A. Corbett as its President for the year 2024. A distinguished professional with a wealth of experience in the financial and insurance sectors, Mr. Corbett is poised to bring his expertise and leadership to further strengthen the captive insurance industry.

    Michael A. Corbett, a Pelham Manor, NY native, holds an MBA from Emory University and a BA from the University of Mississippi, with advanced international finance studies at the London School of Business. Beginning his career as a corporate lender, he later held senior financial roles at notable companies. Corbett established a successful financial consulting practice at UBS, specializing in the captive insurance industry, and chaired the finance committee of the Vermont Captive Insurance Association.

    In 2011, he became the chief regulator of captive insurance in Tennessee, overseeing the formation of 700 Risk Bearing Entities, generating over $6.5 billion in premiums and $16 million in revenue. Corbett, a perennial member of Captive Review's Power 50, was inducted into the Hall of Fame in 2021 for his significant contributions to the captive industry.

    Joining Pinnacle Financial Partners in 2020, Corbett aims to position PNFP as a leading financial service provider in the captive insurance sector. He serves as president of PNFP’s captive, PNFP Insurance Company, and is a representative on the Tennessee Business Roundtable.

    TCIA Board of Directors


    2024 marks a new chapter for the TCIA.  I am proud to have been elected president for the coming year, continuing the fine work that Kevin Doherty has done since we formed the TCIA in 2011.

    The TCIA has represented the captive industry in Tennessee with the unwavering support of numerous volunteers.  My fellow board members: Kevin Doherty, Jennifer Meranda, Andrew Rhea, Christine Scruggs, Susan Euteneuer, Misti Doose, Chris Woodruff, Michelle Bradley, Bill Buechler and Ben Whitehouse along with numerous committees have made the TCIA a very successful organization looking after the interests of the captive industry in Tennessee.

    I stand on the shoulders of these dedicated volunteers who I am proud to call friends.

     I look forward to a successful and prosperous 2024!

  • Wednesday, June 21, 2023 12:37 PM | Admin Impact (Administrator)

    On its face, the proposed micro-captive listed transaction discriminates between similarly situated insurance companies simply because of a voluntary election, an election that is permissible under the Internal Revenue Code.

    Two unrelated insurance companies will receive vastly different treatment by the IRS if one elects to be taxed under IRC § 831(b) and the other does not. Under the proposed micro-captive listed transaction, if both insurance companies have loss ratios less than 65% over a ten-year period, then the company electing to be taxed under IRC § 831(b) will be a listed transaction and the other will not.

    The IRS can investigate whether the premium is proper for the amount of risk the captive has assumed, but a loss ratio is a pale proxy for this, particularly when it is used to invalidate insurance status. Losses are evidence of risk, but lack of losses is not evidence of lack of risk. 

    Tony Greer of TCIA's Government Relations Committee explains that "If my car wrecks and my neighbor’s car does not, I have a loss; however, my neighbor and I had the identical risk. The IRS must look at the method used to compute premiums, not arbitrary loss ratios."

    TCIA has submitted a response within the IRS public comment period and expects the IRS to respond to all comments before the end of the year. 

    To learn more and view the comments submitted by TCIA, its members, and others on behalf of captive insurance companies - CLICK HERE

    For more information about the proposed IRS changes - CLICK HERE

    To read the comments from TCIA members and others - CLICK HERE

  • Monday, May 08, 2023 3:26 PM | Admin Impact (Administrator)

    The Tennessee Department of Commerce & Insurance (“TDCI”) announces that Tennessee has now licensed its 1,000th risk-bearing entity since the Captive Insurance Section began licensing this unique risk-management tool for businesses. 

    Tennessee Captive Insurance Association President Kevin Doherty said, “This is a defining achievement for Tennessee and shows how the hard work of the domicile and everyone involved has helped to create dramatic growth over the last 12 years. It is also emblematic of the success of the public-private partnership in Tennessee pursuant to which the Department and the captive insurance industry have worked together to create one of the top U.S. domiciles.” 

    More from the TDCI's Press Release...

  • Tuesday, February 07, 2023 2:00 PM | Admin Impact (Administrator)

    The Tennessee Department of Commerce & Insurance (TDCI) has announced that Mark Wiedeman is the new director of TDCI's captive insurance section.

    A Utah native, Wiedeman is a graduate from Brigham Young University with a bachelor of arts in history and a master’s in public administration. Wiedeman began his regulatory career working as a valuation analyst for the Utah State Tax Commission. He joined the Utah Insurance Department in 2012 as an auditor before being promoted to senior examiner and eventually rising through the ranks to become assistant division director. In 2022, Mark left the Utah Insurance Department to start a business in contract insurance examinations and captive insurance consulting. 

    “TCIA is excited to welcome Mark Wiedeman to Tennessee as the new Captive Director, and we look forward to working with him and continuing our successful public/private partnership that keeps Tennessee as one of the leading U.S. domiciles." said TCIA President Kevin Doherty. 

    Wiedeman states that “Tennessee has a great reputation among captive domiciles, and I am excited to be joining Tennessee’s team where I will work to help them continue in their success. My goal is to maintain a regulatory structure that allows for stable and sustainable growth while giving captive companies a domicile in which they can succeed in providing their parent companies with innovative insurance products.”

  • Monday, August 08, 2022 8:30 AM | TCIA Administrator (Administrator)

    With a focus on fiscal responsibility, the State of Tennessee has established the Tennessee Captive Insurance Company to create additional efficiencies and savings when insuring state property.

    “This once again highlights the benefits and versatility of captive insurance for all types of organizations and businesses, including government agencies." Said TCIA President, Kevin Doherty. "This is yet one more unique captive, and the TCIA is proud that the State of Tennessee will be utilizing captive insurance in this manner.”

    ­Administered by the Tennessee Department of Treasury, Division of Claims and Risk Management, the State of Tennessee is self-insured for property and general liability. This covers all state-owned buildings and contents, including the campuses of Tennessee public institutions of higher learning, with a total property value of $31.4 billion as of July 2022.


  • Thursday, May 12, 2022 9:25 AM | Admin Impact (Administrator)
    The Tennessee Department of Commerce & Insurance (TDCI) just announced Michael Schulz has been appointed the new Business Development Director - Insurance Division after Josh Clark's decision to pursue the role as Area Vice President at Arthur J Gallagher.

    Schulz has served as Executive Director for six regulatory programs within TDCI’s Division of Regulatory Boards since joining the Department in 2020. As TDCI’s Director of Business Development for the Insurance Division, Schulz will focus on expanding the use of captive insurance companies as a risk management solution for businesses in order to attract new captives to Tennessee.  

    “The TCIA welcomes Michael to the captive space in Tennessee,." said TCIA President Kevin Doherty. "He brings excellent and relevant experience to his new position, and I believe he will help Tennessee continue to be a top domicile for captive insurance. We will certainly miss Josh at the Department, but I am glad that he will remain in the captive industry. Josh has been an invaluable partner for growing our domicile, but I believe we will have a seamless transition with Michael at the helm. We very much look forward to working with Michael to continue to grow the captive insurance industry in Tennessee.”

    Josh Clark said "The last two years have been incredible and I want to thank Commissioner Lawrence and the rest of the department for their support during my tenure with the state. I am very proud of all the accomplishments we collectively achieved and couldn't be more excited to continue that momentum back in the private sector at Arthur J. Gallagher."

    TDCI's Press Release

  • Thursday, March 24, 2022 9:30 AM | Admin Impact (Administrator)

    The Tennessee Department of Commerce & Insurance (TDCI) just announced Daniel Clements will join TDCI’s Captive Insurance Section as an Assistant Director.

    “We are very excited to welcome Daniel Clements as the newly appointed Assistant Director of the TDCI Captive Division,” said TCIA president Kevin Doherty. “We look forward to working with Daniel to further our public/private partnership and to help ensure that Tennessee remains a top choice domestic domicile for captives.”


  • Monday, November 22, 2021 1:47 PM | Admin Impact (Administrator)

    The state of Tennessee has reaffirmed its commitment to the Captive industry by appointing Jonathan Habart as the new Captive Director. The TCIA is extremely excited to work with Jonathan & the TDCI as the Captive industry continues to thrive and expand.

    The President of TCIA, Kevin Doherty commented, "The TCIA is excited to work with Jonathan in his new role. He has proven his dedication to captives and to Tennessee as a premier domicile, and I look forward to working with him as we continue to grow our domicile.”


<< First  < Prev   1   2   Next >  Last >> 
Powered by Wild Apricot Membership Software