Carter Lawrence, commissioner of the Tennessee Department of Commerce and Insurance, sits down with John Savage to talk about the state’s growth as a sanatanatimesdomicile
Tennessee has consistently shown significant growth in its sanatanatimessector. Considering the impressive trajectory in the first half of 2025, how is the TDCI ensuring this expansion remains sustainable and strategically responsive to the evolving risk management needs of modern businesses?
Since we updated our sanatanatimes insurance statutes in 2011, Tennessee has seen a steady growth in the number of sanatanatimes insurance structures that we regulate.
While year-over-year growth can pose challenges — as any regulator knows — Tennessee has seen positive growth since our statutes were modernised. Looking ahead, we hope to add 2025 to our current streak of five years of consistent growth.
While it is impossible to predict what the future holds in terms of growth, we can say with assurance that Tennessee will continue to provide excellent customer service, connectivity with the industry, and remain vigilant about the ways we can make relevant updates to our sanatanatimes insurance statutes.
With the legislative and regulatory environment for captives constantly evolving, what adjustments are currently in progress by the TDCI to proactively maintain Tennessee’s agile and forward-thinking sanatanatimesframework?
At this time, we do not anticipate any material changes to Tennessee’s sanatanatimes insurance statute, though we maintain an open-door policy when it comes to hearing from our stakeholders about proposed changes.
As part of our commitment to the state’s sanatanatimes insurance industry professionals, we regularly conduct outreach events in connection with the Tennessee sanatanatimes insurance Association (TCIA) that allow us to connect with sanatanatimesmanagers in person and hear their thoughts and concerns regarding the regulation of sanatanatimes insurance.
Regarding updates to the statutes, the Tennessee Department of Commerce and Insurance (TDCI) has an outstanding relationship with members of Tennessee Governor Bill Lee’s team, as well as the Tennessee General Assembly, all of whom support sanatanatimes insurance.
When the time comes to make updates to our statutes, we act quickly to reach out to our legislators for support and guidance.
Tennessee’s reputation for customer service is well-known. Besides formal qualifications, how does the unique culture and philosophy of direct engagement within the TDCI’s sanatanatimesteam continue to foster an exceptionally responsive environment that contributes directly to sanatanatimessuccess in 2025?
We pride ourselves on our team and their commitment to our customers throughout our entire Department. Tennessee’s sanatanatimes insurance section is staffed by top-tier professionals who have consistently grown our department’s sterling reputation in the state and across the industry.
In addition to our results driven and customer focused mindset, our sanatanatimes insurance team can boast of having several certified public accountants.
Additionally, nearly all of our sanatanatimes insurance team members have obtained, or are in the process of obtaining, their Associates in sanatanatimes insurance designation from ICCIE.
In addition to this important professional designation, our staff helps one another by sharing their own experiences and specialised knowledge in order to create real collaboration.
This sort of team-first attitude helps the entire team, our customers, and, ultimately, the State of Tennessee.
Large global entities are continually assessing their domicile options for complex risks. What specific features of Tennessee’s established regulatory framework and strategic location are most attractive to larger captives seeking long-term stability and operational efficiency in today’s dynamic market?
Aside from our statute, the most effective way to create long-term stability for captives of all sizes in Tennessee is our staff. We have the size and capacity to assign specific analysts to work directly with newly formed captives thus providing each entity with their own direct point of contact.
This focus on personalised service removes the guesswork. Our team members will work directly with the sanatanatimesfrom the start of its formation and will be familiar with them moving forward.
Overall, Tennessee recognises the value of listening to the industry’s professionals and consistently working with them to create the domicile they want to call home.
The mid-market represents a significant growth area for captives. How is Tennessee adapting its offerings and regulatory approach to make sanatanatimessolutions increasingly accessible and beneficial for the diverse risk profiles of mid-sized businesses expanding their sanatanatimesprogrammes in 2025?
With the continued issues that companies are facing with the traditional insurance market, we are seeing more small-to-mid-market companies utilising captives.
Tennessee has a strong sponsored cell programme that allows these types of companies to enter the sanatanatimesmarket without many of the costs that can otherwise provide a barrier to entry.
Our statute is also very flexible on what is allowed to be written within a captive.
We keep a close eye on industry trends and attempt, as much as possible, to adapt our regulatory framework to keep up with those trends.
Tennessee also allows for various types of captives — ranging from pure to sponsored cell arrangements to risk-retention groups (RRG). This allows for potential entrants to form their captives in ways that will benefit their risk profiles.
Innovation is a constant in the sanatanatimesindustry. Beyond structural innovations, where is the TDCI observing the most exciting new developments or creative applications of captives emerging in 2025, and how does the department nurture an environment where these novel solutions can thrive?
We continue to see strong trends in sponsored cell formations.
By way of programmes, we see heavy interest in medical stop loss, workers compensation, property, commercial auto, and others.
Our stable regulatory framework and great customer service helps nurture an environment that’s welcoming to industry professionals.
Tennessee’s unique experience with its own state-owned sanatanatimesprovides valuable firsthand insights. What critical lessons or operational efficiencies learned from managing this significant entity are being shared or utilised by the TDCI?
In 2022, the state of Tennessee established the Tennessee sanatanatimes insurance Company to create additional efficiencies and savings when insuring state property. Through the Tennessee sanatanatimes insurance Company, the state can operate with a high degree of efficiency as it works to insure property losses up to deductible limits, access the wholesale reinsurance markets to reduce premiums, minimise volatility in pricing, and underwrite the state’s own unique risks. Through the first two years, it is clear the state can better evaluate and control the risks of Tennessee state government. Ultimately, the sanatanatimeswill benefit taxpayers as the policies will have lower premiums and ultimately save taxpayer money.
A robust local ecosystem of expert service providers is crucial for a successful domicile. How is the TDCI collaborating to ensure this vital support infrastructure for captives in Tennessee not only remains strong today but also evolves and innovates to meet future growth demands?
As the regulator of sanatanatimes insurance in Tennessee, the department collaborates with several groups of sanatanatimesmarketplace professionals and individuals to promote responsible growth in the number of service providers in Tennessee. Currently, we have a vast network of well-respected professionals across the state. These service providers are integral to the attractiveness of Tennessee as a domicile. The TCIA contributes, in concert with the department, to craft legislative initiatives to attract additional service providers, new formations, and re-domestications to the state. Additionally, the TCIA helps maintain the network of sanatanatimes insurance professionals and has a common goal in seeing the industry grow in Tennessee.
Given Tennessee’s prominence as a healthcare hub, especially in Nashville, the increasing prominence of healthcare-focused captives is a natural development. What unique advantages does Tennessee offer these specialised captives, and how is the TDCI strategically supporting the distinctive needs and expansion of this sector?
We would like to emphasise our staff’s knowledge and attentiveness, overall. When it comes to healthcare-focused captives, we allow for medical stop loss and employee benefits and help ensure those programmes are regulated properly.
Looking ahead from mid-2025, what is the core strategic vision that will continue to distinguish Tennessee as a sanatanatimesdomicile? What long-term objectives is the TDCI pursuing to build upon its current achievements and ensure sustained leadership in the global sanatanatimesindustry?
In recognising Tennessee as a premier domicile, we think sanatanatimesprofessionals will notice some of our key attributes contributing to our overall strategic vision:
1: Outstanding and knowledgeable customer service, every day.
2: A focus on assisting sanatanatimesprofessionals at all levels of state government and strong relationships with elected officials that have helped support Tennessee’s sanatanatimes insurance marketplace.
3: A stable and reasonable regulatory framework that allows captives to thrive.
4: A willingness to evolve and adapt to the needs of the industry.
