NASHVILLE (press release)—The Director of the Captive Insurance Section of the Tennessee Department of Commerce and Insurance (TDCI) has been named to the “Power 50” list as one of the most influential people in the captive insurance industry.
TDCI’s Captive Insurance Section Director Michael A. Corbett is ranked No. 23 on the 2014 “Power 50” list compiled by the editors of Captive Review magazine. The list, which was compiled from more than 600 reader submissions, will appear in the London-based magazine’s January 2015 edition.
In designating Corbett as the 23rd most influential person in the global captive insurance industry, the magazine cited his leadership in the burgeoning captive insurance market in Tennessee.
“Tennessee is making a strong play to be South Carolina’s biggest rival in the region,” wrote Captive Review Editor Richard Cutcher. “Corbett’s active approach has been a key factor in the jurisdiction’s pro-business attitude.”
TDCI’s Captive Insurance Section is responsible for regulating the captive insurance industry in Tennessee. A captive insurance company (called a “captive”) represents an option for many corporations and groups that want to take financial control and manage risks by underwriting their own insurance rather than paying premiums to third-party insurers.
In 2011, Gov. Bill Haslam signed new Tennessee Captive Insurance legislation which modernized and improved state law and reestablished Tennessee as a first rate domicile for captive insurance companies.
Today, the Captive Section has approved more than 140 risk bearing captive insurance entities and has consistently exceeded growth expectations along the way. The Captive Insurance Section anticipates licensing as many as 10 additional entities by the end of December, 2014.
“I think we have become the premier captive insurance domicile in the Southeast,” said
TDCI Commissioner Julie Mix McPeak. “Michael’s leadership and experience have been instrumental in Tennessee’s success at attracting captive insurers.”
Mr. Corbett’s duties at the department include the marketing, admission and regulation of Tennessee captive insurance companies. Prior to joining TDCI, Mr. Corbett developed an institutional financial consulting practice at a major brokerage house that focused on captive insurance companies. He served as chairman of the Vermont Captive Insurance Association and sat on its financial committee.
“This designation from Captive Review represents the exceptional commitment from Governor Haslam and Commissioner McPeak,” Corbett said. “Their continuing support has been a critical factor in our success. Recognition from Captive Review acknowledges the outstanding efforts of the entire Captive Section in the Department of Commerce and Insurance.”
A native of Pelham Manor, NY, Michael A. Corbett has an MBA degree from Emory University in Atlanta, Georgia and a bachelor’s degree from the University of Mississippi in Oxford. He has also studied advanced international finance at the London School of Business.
His first professional post was as a corporate lender with Manufacturers Hanover Trust Co. in New York City. He held leadership positions with West Point Pepperell, Purolator Courier Corp., Macmillan Publishing Co. and Genesco, Inc.