With a new insurance commissioner and the governor standing behind Tennessee's captive insurance program, all the state needs to be a leader in the region is passage of some proposed captive statutes, according to an industry expert involved in formulating the changes.
Tennessee, a captive domicile since the 1970s, is set to replace its statute with a “cutting-edge” law, said Kevin M. Doherty, an attorney with Burr Forman LLP in Nashville, Tenn.
“To have a successful domicile,” he said, “you need a three-legged stool. You need the law; you need a commissioner and a department that will advocate and handle it; and third, you need a governor who is committed to it. Right now, we have two out of three, and if we get the law, we've got all three.”
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