Tennessee
- Year captive legislation was passed
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- Total number of captives as of year-end 2022
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- Number of pure / single parent captives as of 2022
- 97
- Number of group / association captives as of 2022
- 2
- Number of risk retention groups (RRGs) as of 2022
- 9
- Number of sponsored / cell company captives as of 2022
- 42
- Number of individual cells / series as of 2022
- 411
- Total gross premium written and assets under management (AuM) as of year-end 2021
- Gross premium: USD $2,127,612,870
- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Protected cell/segregated portfolio companies
- Risk retention groups
- Special purpose captives
- Special purpose financial captives
- Number of full-time employees in captive regulatory department
- 15
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Initial licensing and incorporating fees required by the domicile
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- Annual filing requirements
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- Annual fees
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- Premium tax rate
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- Premiums to surplus
- No statutory guidance.
- Minimum capital (broken out by type of captive)
-
$250,000 Pure
$100,000 PCC
$500,000 Association/Industrial Insured
$1,000,000 RRGs - Applicable Acts/Enabling Legislation
- https://www.tn.gov/content/dam/tn/commerce/documents/insurance/captive/posts/Tennessee_Captive_Insurance_Law.pdf
- Captive Administrator’s name and longevity in position
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- Speed of licensing
- Completed application estimated processing timeline is less than 30 days.
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://www.tn.gov/commerce/insurance/captive-insurance.html
- Are Exams done by own employees or by contract?
- Own employees
- What is the examination cycle by type of captive?
- 5 years, reduced if unaudited.
- Average/Estimated Exam Cost for Single Parent Captive
- $4,000
- Average/Estimated Exam Cost for Risk Retention Group
- Dependent of size and complexity
- State domicile association name and website
- TCIA https://www.tncaptives.org/