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  • Friday, December 11, 2020 11:46 AM | TCIA Administrator (Administrator)

    The Tennessee Captive Insurance Association (TCIA) welcomes Carter Lawrence as the newly appointed Commissioner of the Tennessee Department of Commerce & Insurance (TDCI) announced today by Tennessee Governor Bill Lee.  

    “The captive industry is very pleased with the appointment of Carter Lawrence as Commissioner of the Tennessee Department of Commerce and Insurance by Governor Lee. TCIA has worked with him extensively in the past on captive insurance matters. I believe he will do an excellent job and is well qualified to lead the TDCI at this time. We look forward to working with Commissioner Lawrence,”- TCIA president Kevin Doherty. 

    Lawrence brings valuable expertise to the role having served as Chief Deputy Commissioner and Chief Operating Officer at the Department of Commerce & Insurance. He has also served on Tennessee’s Economic Recovery Group throughout the COVID-19 pandemic, assisting Governor Lee’s efforts to reboot the state’s economy. 

    Belinda Fortman, TDCI Captive Director said,
    “we in the captive division are thrilled to have Carter Lawrence promoted as the new TDCI Commissioner. Carter has been very supportive of captive insurance development in Tennessee. We look forward to his ongoing support for the captive industry and his continued leadership for our domicile.” 

    Michael Corbett, Tennessee’s former chief regulator and TCIA Board Member added, “The TCIA board of directors wishes to congratulate Carter Lawrence as the new TDCI Commissioner. Commissioner Lawrence has been a long-time supporter of captive insurance and his appointment will insure that Tennessee’s growth as a first tier domicile for the formation of captive insurance companies will continue to expand. As Tennessee nears the formation of its 700th Risk Bearing Entity (RBEs), strong support and leadership will be required for the next 700.  The TCIA is confident that Commissioner Lawrence brings all of these attributes to the table.” 

    A lifelong Tennessean and Nashville native, Lawrence earned his Doctor of Jurisprudence and a Master of Business Administration at the University of Tennessee, Knoxville. Prior, he graduated from Wheaton College in Illinois. He currently resides in Nashville with his wife and three children and is a member of Nashville’s Church of the Redeemer. 

    “Carter is a proven public servant who has stewarded key priorities for the administration throughout his tenure and I’m confident he’ll continue to support Tennessee businesses and consumers with integrity,” said Governor Lee. “We appreciate his dedication to the Department of Commerce & Insurance and look forward to his continued service.” 

    Congratulations Carter!  

    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. Tennessee continues to grow in 2020 as a top tier domicile for captives with close to 700 risk-bearing entities (RBEs), compared to 652 at the end of 2019. Visit www.tncaptives.org for TCIA information and news. Follow #TCIA on Facebook, Twitter and Linkedin. 


  • Tuesday, December 08, 2020 11:55 AM | TCIA Administrator (Administrator)

    Tennessee Captives 2020: Domicile Facts, Figures and Milestones

    Tennessee experienced exceptional captive insurance growth in 2020.

    Continued growth in the captive industry remains a priority for TCIA who are working in partnership with Governor Lee, Commissioner Lawrence and the TDCI team to ensure a bright future for our domicile. Tennessee has emerged as a first choice for captives worldwide and the state has become known for its deep bench of knowledgeable and responsive professionals who serve the industry.

    2020 Tennessee Captive Dashboard
    •720 Risk Bearing Entities: 212 Captives, 508 Cells
    •64% increase from 2019: 18 newly licensed captives, 41 new cells2020

    Domicile and Captive Market Changes
    •Increased interest in captives for property & liability coverages
    •Increased interest from Tennessee owners looking to re-domesticate offshore captives and move their captives “home”

    COVID19 Pandemic Impact
    •Pre-pandemic, TDCI had already transitioned to being fully electronic resulting in a seamless transition and no customer service impacts
    •Electronic document notary and virtual annual meetings were approved in response to remote work environments
    •Heightened “risk awareness” across many industries
    •Additional coverages added to operational captive programs to address gaps

    2021 Tennessee Captive Outlook
    •New captives and cells already formed or underway
    •Continued growth due to the challenges of increasing traditional market rates, gaps in commercial coverage and businesses looking for more efficient means to finance risk
    •Net captive growth expected to continue with similar trend to 2020

  • Sunday, November 08, 2020 11:59 AM | TCIA Administrator (Administrator)

    TCIA welcomes Joshua Clark as the newly appointed Director of Business Development for the Tennessee Department of Commerce & Insurance (TDCI).

    As part of his new role, Clark will establish objectives with the TCIA to help promote captive insurance within the state and will focus on expanding the use of captives as risk management options for businesses headquartered in Tennessee and around the world

    “We are very excited to welcome Josh to the Tennessee captive industry,” said TCIA president Kevin Doherty. We look forward to working with him and the Tennessee Department of Commerce and Insurance to develop captive opportunities that will be productive for our State. The TCIA pledges to work closely with Josh to further our public/private partnership and to help ensure that Tennessee remains among the short list of preferred domestic domiciles for captives. ”

    Clark is an insurance industry veteran with diverse experience. He most recently served as a consultant for EXL Loss Control. Clark’s expansive experience across the insurance industry equips him with valuable expertise and industry knowledge. He will bring his background of building, leading and enabling high performing teams while crafting and implementing successful strategies to drive productivity and strengthen relationships on behalf of Tennessee. 

    I am incredibly honored to join TDCI as the new Director of Business Development for the Insurance Division,” said Josh Clark. “The TDCI Captive Section, led by industry veteran Belinda Fortman, is uniquely positioned to continue its reputation as a top tier global domicile of choice for businesses and I look forward to promoting our values of expertise, customer service and innovation within the captives space 
    Tennessee continues to grow as a top tier domicile for captives with over 205licensed captive insurance companies and 471 approved cell companies for a total of 674 risk-bearing entities (RBEs), compared to 652 at the end of 2019.

    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.

  • Thursday, July 23, 2020 12:04 PM | TCIA Administrator (Administrator)

    Click to see Full Coalition Brief

    Amicus Coalition Release 7-23-20 Final.pdf

    FOR IMMEDIATE RELEASE        
    Contact: Kevin Doherty
    Phone:   615-620-1703
    Mobile:  615-974-2587
    Fax:        844-670-6009
    Email:  KDoherty@dickinson-wright.com

    Groundbreaking Captive Insurance Industry Coalition Submits Arguments to U.S. Supreme Court

    Tennessee Plaintiff 

    July 22 – As part of an unprecedented captive insurance industry coalition, the Tennessee Captive Insurance Association, Inc. (TCIA) has joined with nearly two dozen captive insurance organizations to file an Amicus Brief before the U.S. Supreme Court in the case of CIC Services LLC v. IRS (‘CIC’). CIC Services, a member of the TCIA, is a Knoxville, TN-based captive manager, helping small-and medium-sized business in the captive space. The Brief was drafted by TCIA President Kevin Doherty and TCIA Government Relations Committee Co-Chair Tony Greer.  This broad industry coalition is comprised of 23 leading national, state and territorial captive domicile associations, including: Alabama, Arizona, the Captive Insurance Company Association (CICA), Connecticut, Delaware, the District of Columbia, Georgia, Hawaii, Kentucky, Missouri, Montana, Nevada, New Jersey, North Carolina, Oklahoma, Puerto Rico, the Self-Insurance Institute of America, Inc. (SIIA), South Carolina, Tennessee, Texas, Utah, the U.S. Virgin Islands, and Vermont. 

    Captive insurance is a highly regulated form of self-insurance that has existed for over 50 years, allowing companies, or groups of companies, to better manage their own risk. In fact, nearly 5,000 captive insurance companies and related cells are domiciled in and regulated by at least 35 States. Captive insurance is a common risk management tool utilized by a wide range of public, private and not-for-profit entities, including colleges and universities, Fortune 500 companies, local businesses, hospitals, and religious and community organizations. Captive insurance covers an equally diverse and important set of business risk profiles, from property, general liability and products liability, workers compensation and medical stop-loss, to business and supply chain interruption.

    This diverse coalition was formed with the goal of demonstrating through an Amicus Brief to the U.S. Supreme Court the broader concerns of the larger captive insurance industry with recent actions by the Internal Revenue Service (‘IRS’) and in support of the CIC Services case. While the industry continues to support appropriate IRS actions to curb abusive practices, it objects to the unnecessary regulatory burdens being imposed on taxpayers without a formal rulemaking or appeal process, contrary to law and Congressional intent.

    At the center of the case is the argument that the IRS overreached in its authority in issuing Notice 2016-66 (‘the Notice’), namely that taxpayers such as CIC could face criminal penalties if forced to violate the law in order to obtain judicial review of the regulatory mandate. The Notice imposes requirements and potential penalties on owners, advisors and managers who participate in certain captive transactions, going back up to 10 years.  These taxpayers are being forced to comply with the Notice regardless of whether their captive insurance arrangement contained any of the characteristics of concern identified by the IRS, and they were offered no meaningful opportunity to provide comment or feedback prior to the Notice’s immediate implementation in 2016, nor the ability to appeal the filing requirements until paying a penalty. The time, effort and cost to collect, prepare and file all the forms required by the Notice is estimated to average 62 hours per form at a cost of nearly $10,000 per filing, well above the 10.16 hours for recordkeeping and 6.25 hours for preparation estimated by the IRS.

    The coalition Amicus Brief focuses on three key arguments at issue in the CIC case. First, that the Court should consider the heavy regulatory burden and harm being caused to taxpayers, namely the captive insurance industry. The Notice requires taxpayers to report duplicative information and imposes an undue financial burden to small- and medium- sized businesses, all for little to no benefit to the IRS. These requirements have come at a tremendous cost to taxpayers.

    Second, the Administrative Procedures Act (“APA”) requires federal agencies to allow for a meaningful opportunity for public comment on proposed rules. The industry brief argues that the IRS did not comply with the APA, rather issued the Notice without offering public comment and review. Despite the lack of a formal comment and review process, coalition members nonetheless provided comments to the IRS that went unheeded.

    Third, the coalition argues that the Anti-Injunction Act (“AIA”) prohibition on preventing challenges to the IRS should not extend to reporting requirement, such as are imposed by the Notice.

    The Tennessee Captive Insurance Association, representing over 200 captives and 400 related cells domiciled in Tennessee, is pleased to be part of this broad and important industry coalition. TCIA President Kevin Doherty commented, “I was pleased to be able to represent TCIA and its members in this project, and it was a particular honor to be asked to lead the coalition and draft the brief along with Tony Greer of my law firm.  We were thrilled that virtually every captive insurance association in the country decided to join in this important effort, and it was gratifying to work with all of them and have the opportunity to educate the Supreme Court about the importance of captive insurance as a risk management tool for businesses of all sizes throughout our country and the unnecessarily burdensome effects of regulatory requirements that hinder good business practices.”

    Coalition members look forward to the U.S. Supreme Court hearing this case during the upcoming session, beginning in October, and appreciate the opportunity to file an Amicus Brief to the Court. It is important to note that while this case is specific to captive insurance companies electing under IRC 831(b), the unnecessary and overly broad regulatory actions of the IRS are of concern to both the broader captive insurance industry and U.S. businesses in general.



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