Tennessee Names Wiedeman Head of Captive Insurance Section

The Tennessee Department of Commerce and Insurance has named Mark Wiedeman, a Utah native, as director of the department’s captive insurance section.

Wiedeman, a graduate of Brigham Young University, joined the Utah Insurance Department in 2012 as an auditor, then was senior examiner and assistant division director, according to a news release. He left the department in 2022 to start a business in contract insurance examinations and captive insurance consulting.

“Mark’s return to the field of insurance regulation is a huge win for TDCI, for all of Tennessee’s captive insurance licensees, and for the state of Tennessee,” said TDCI Commissioner Carter Lawrence.

Captive insurance has grown, nationwide, in recent years, with several states competing for captive companies. As of last summer, Tennessee ranked 8^th-largest captive domicile in the country. In 2022, the state had more than 145 captive insurance companies and more than 350 protected cells. By this month, the number had grown to 151 active, licensed captives and 562 risk-bearing entities, TDCI said.

“Tennessee has a great reputation among captive domiciles, and I am excited to be joining Tennessee’s team where I will work to help them continue in their success,” Wiedeman said in a statement. “My goal is to maintain a regulatory structure that allows for stable and sustainable growth while giving captive companies a domicile in which they can succeed in providing their parent companies with innovative insurance products.”