Menu
Log in


<< First  < Prev   1   2   Next >  Last >> 
  • 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

    A MESSAGE FROM MICHAEL A. CORBETT 

    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.”

    Read more...
  • 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.

    Read more...


  • 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.”

    Read more...


  • 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.”

    Read more...

  • Monday, June 07, 2021 10:06 PM | TCIA Administrator (Administrator)

    Tennessee’s Captive Insurance public/private partnership continues drawing attention and accolades as Governor Lee announced newly approved modernizations to Tennessee’s Captive Statute. The new updates to Tennessee’s captive insurance statute will help fuel the Volunteer State’s growing reputation as a first-choice domicile for companies looking to establish a captive insurance company.

    Lee’s latest updates to Tennessee’s captive laws include authorizing parametric insurance coverage and reducing the statutory capital needed by protected cell captive insurers to commence operations from $250,000 to $100,000, amongst other improvements.

    “By reducing the minimum capital and surplus needed to start protected cell captive insurance companies, Tennessee is sending a strong message that we value companies’ freedom to invest their money to obtain the highest return on investment possible rather than allocate money in excess of what is needed to support the potential risk of insurance losses in their captive,” said Tennessee Department of commerce & Insurance (TDCI) Captive Insurance

    Section Director, Belinda Fortman. “By modernizing Tennessee’s captive insurance statute to reduce the minimum coverage for protected cell captive insurers as well as including parametric insurance coverage for the first time, the Volunteer State is providing strong incentives for captive owners to choose Tennessee as their captive domicile.” 

    Tennessee Captive Insurance Association (TCIA) President Kevin Doherty said: “The TCIA is grateful that the Department and the General Assembly, two of the three legs of the proverbial three-legged stool, have continued to support important updates like this to the captive law that help Tennessee remain at the forefront of our industry. Specifically, the TCIA supports the reduction in the minimum capital for protected cell captives to $100,000 and believes this will help to spur significant growth in cell captives in Tennessee. The TCIA also believes it is significant that Tennessee is leading the way now in permitting captives to offer parametric insurance that can offer innovative ways to cover large numbers of insureds in natural disasters or other similar events. As the third leg of the stool, the TCIA looks forward to continuing to work with the other two legs of this public private partnership to maintain Tennessee’s prominence as a captive insurance domicile.”

    Years of teamwork amongst Tennessee’s deep bench of captive insurance professionals, including a very active TCIA membership, are credited for the domicile’s role as a first choice option for corporations and groups wanting to take financial control and manage business risk by forming their own insurance company.

    2020 was another record-setting year for Tennessee’s captives as captive premium volume topped $1.6 billion and the number of active captives in Tennessee increased to 146. Today, over 750 risk-bearing entities call Tennessee home. Additionally, Tennessee’s team of captive professionals have drawn international accolades with representatives from both TCIA and TDCI recently named to Captive Review magazine’s “Power 50” list. 

    “Power 50” member Fortman said: “Through the first five months of 2021,Tennessee has averaged 10 new captive formations a month, which is an impressive pace that we hope to see continue. The growth of the captive insurance industry in Tennessee that we are seeing today is a byproduct of years of focused teamwork and the far-reaching vision of Tennessee’s leaders. I am thankful for the hard work and support of Governor Lee, the members of the Tennessee General Assembly and the captive insurance stakeholders who are helping make Tennessee truly the ‘Gold Standard’ of the South.” 

    The Tennessee Captive Insurance Association (TCIA) is a community of captive industry experts, owners and service providers engaged in advocacy, communication and education, committed to a strong captive insurance industry in Tennessee since 2011. Visit www.tncaptives.org for TCIA information and news. Follow #TCIA on Facebook, Twitter and Linkedin.

  • Wednesday, December 16, 2020 7:00 PM | TCIA Administrator (Administrator)

    Tennessee Captive Insurance Association celebrates the announcement of International Paper’s captive insurance company relocation to Tennessee, becoming the state’s 700th risk bearing entity (RBE). The Memphis-based global packaging, pulp and paper products company has worked with the state for the past six years and expressed excitement at celebrating this milestone with Tennessee.

    “This is very exciting news for Tennessee, and it represents the culmination of years of effort by the Tennessee General Assembly, the Department of Commerce and Insurance and the members of the captive insurance industry in Tennessee all working together in a productive public/private partnership. The captive market is as strong as ever in Tennessee and TCIA looks forward to many more captives being formed in Tennessee in the coming years,” said Tennessee Captive Insurance Association President Kevin Doherty.

    The arrival of International Paper’s captive insurance company is a milestone for Tennessee as it represents the Volunteer State’s 700th risk bearing captive insurance entity. Tennessee now has 211 standalone captives and 489 cell captives. Tennessee is currently ranked as the 7th largest captive domicile in the United States and 12th largest domicile in the world. “International Paper’s relocation of its captive insurance company is the latest in a string of accomplishments for TDCI’s Captive Insurance Section and proof that Tennessee has the right mix of leadership and regulation to attract globally recognized brands,” said TDCI Captive Insurance Section Director Belinda Fortman. “Tennessee has proven that our business friendly environment combined with a stable and predictable regulatory environment make us the ‘gold standard’ of the South.”

    Captive insurance companies have found a receptive home in Tennessee for decades. Tennessee was one of the first states to adopt captive legislation in 1978. After its leaders modernized the state’s captive rules in 2011, Tennessee emerged as a first choice for companies looking to create a captive insurance company. Tennessee is known for its active TCIA membership, a deep bench of full-time professional captive service providers and flexible, responsive regulators who serve the needs of Tennessee’s captive companies.

    “The creation of the 700th risk bearing entity is an event that we proudly share with Governor Lee’s team and the entire State of Tennessee,” said TDCI Commissioner Carter Lawrence. “Governor Lee’s leadership has helped attract new captive insurance companies to Tennessee while Tennesseans make the Volunteer State a place where businesses want to start a captive insurance company or relocate their existing captive insurance company from other states and from countries around the world.”

    Tennessee captives have written over $6.4 billion in premium and collected over $16 million in taxes and fees. The captive insurance sector has an estimated economic impact in Tennessee of $31 million in direct annual spending and employs more than 100 full-time professionals.
    “I commend International Paper for choosing to relocate their captive insurance company to Tennessee and reaffirming their commitment to their global headquarters’ home state,” said Governor Lee. “Tennessee remains committed to ensuring a business friendly and commonsense regulatory environment.”

    TDCI and International Paper leaders recently celebrated the relocation during a brief socially distanced event in Nashville. The event was highlighted by a video message from Tennessee Governor Bill Lee and the presentation of a ceremonial license by TDCI Captive Insurance Section Director Belinda Fortman to David Arick, International Paper Assistant Treasurer, Global Risk Management and board member of RIMS, the risk management society.

    About the Tennessee Captive Insurance Association (TCIA):
    TCIA is a community of captive industry experts, owners and service providers engaged in advocacy, communication and education, committed to a strong captive insurance industry in Tennessee since 2011. Visit www.tncaptives.org for TCIA information and news. Follow #TCIA on Facebook, Twitter and Linkedin.


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