Tennessee has witnessed a significant increase in the number of licensed insurance professionals, establishing a new record in the state’s history. The current count stands at over 301,947 active licensed insurance producers, which comprises 51,986 resident and 249,961 non-resident licensees. This marks a substantial rise from the 240,080 licensees recorded in the fiscal year 2020-21, reflecting a growth of over 25% in nearly five years.
Officials from the Tennessee Department of Commerce & Insurance (TDCI) have attributed this growth to the state’s population boom. It is anticipated that Tennessee’s population will surpass 8 million by 2041, according to a recent study. As of 2022, the population was estimated to be slightly over 7 million.
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TDCI Commissioner Carter Lawrence highlighted Tennessee’s pro-business environment as a factor contributing to the flourishing economy, which supports professionals across various industries. He emphasized the department’s commitment to assisting individuals interested in joining the insurance sector.
The insurance industry plays a crucial role in Tennessee’s economy. In 2023 alone, insurance companies domiciled or headquartered in the state generated $26 billion in premium volume. Additionally, $75 billion in premium volume was written by all insurance companies operating in Tennessee, ranking the state 17th nationwide in premium volume, according to the National Association of Insurance Commissioners (NAIC).
To enhance accessibility, TDCI has collaborated with Pearson VUE, a third-party testing partner, to offer remote testing opportunities since 2021. This initiative allows prospective insurance producers to take exams online, eliminating the need for travel to in-person testing centers. TDCI Assistant Commissioner for Insurance Bill Huddleston acknowledged the role of Pearson VUE in facilitating this process, which benefits both applicants and the insurance industry.
For more information on testing requirements and policies, individuals can visit Pearson Vue’s Tennessee insurance testing page. In-person testing remains available at various locations across the state. To verify the status of a Tennessee insurance producer’s license, visit this page. An overview for licensees is accessible here.
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Tennessee October Revenue Report Analysis
Tennessee’s October revenues totaled $1.5 billion, showing an increase of $22.6 million from the previous year but falling $30.1 million short of the budgeted estimate. While general fund revenues were below expectations, fuel taxes, realty recordation, and transfer taxes outperformed projections. Year-to-date, tax revenues are $72.4 million above budget estimates, with sales and corporate taxes showing mixed performance against forecasts.