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Tennessee regulators are crowing about the considerable growth in the insurance industry the state has seen in the last two years.
Insurance Commissioner Carter Lawrence said in a bulletin posted Tuesday that the 294,000 insurance professionals in the state this year, was 10% higher than in 2021 and was at its highest level in almost 40 years. The state also saw 45 new insurers enter the market in 2021, bringing the total number to 1,959.
The state also collected $1.12 billion in premium taxes in fiscal 2021, a 5% increase from the year before. And Tennessee now ranks 8th in the country for the number of domestic captive insurers domiciled there.
Lawrence did not give a reason for the growth but said that the Department of Commerce and Insurance has “remained steadfastly focused on serving, assisting, and regulating insurance companies and professionals while serving Tennessee policyholders.”
Consumer complaints have also been addressed, the department noted. So far this year, 1,467 complaints have been received and $5.43 million has been returned to consumers through the department’s mediation and restitution programs. Some $8 million was returned in 2021. Complaints are most often about insurer denials, delays and low settlement offers.
In a separate announcement, the department said a new state law takes effect July 1, which will broaden the education requirements for licensed engineering and architecture professionals.
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