The Tennessee Department of Commerce & Insurance (TDCI) has hired Belinda Fortman as Captive Insurance Section director.
Captive insurance is an option for companies to self-insure certain aspects of their business. 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, according to the Tennessee Department of Insurance & Commerce.
Fortman’s first day as captive section director will be June 29. She replaces Jennifer Stalvey.
Fortman most recently led her own captive management firm and has worked with a client base including Fortune 100 companies, large non-profit organizations, and mid-sized closely held firms. She has managed all forms of captive insurance companies including pure, association, agency, protected cell, special purpose, reciprocals and risk retention groups, working with clients in financial services, healthcare, retail, manufacturing, faith-based and other sectors making her a perfect fit for Tennessee-based captives.
During her career in the private sector in Tennessee, Fortman served as a director for the Tennessee Captive Insurance Association during the time where the state adjusted its captive statute to enable it to grow its captive insurance companies from two companies in 2013 to more than 200 at present.
“Captive insurance is a growing and important part of Tennessee’s thriving economy. Belinda’s decades of leadership and experience with captive insurance companies will help ensure Tennessee will continue to climb among the ranks of respected captive industry leaders,” said TDCI Commissioner Hodgen Mainda.
According to TDCI, captive insurance has a long history in Tennessee, starting in 1978 when Tennessee was one of the first states to adopt captive legislation. In 2011, Tennessee updated its captive statute to increase employment and investment in Tennessee and since then its captive industry has grown from two captives to more than 200 captives with more than 675 risk bearing entities. Tennessee’s captives’ economic impact includes $16 million in revenue since inception, total premium deposits of $6.5 billion, and $3.1 million in annual taxes and fees. So far in 2020, Tennessee has licensed nine new companies with five active applications in process.
Source: Tennessee Department of Commerce & Insurance
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