Commissioner Scott J. Kipper announced today that with the recent approval of
Nevada’s 150th active Captive Insurer, the state has more active
Captives than ever before in its history as a Captive domicile.
announcement comes after Nevada broke its own record for growth and speed by
approving 30 Captive Insurers in 2013. Seventeen Captives were approved in
“As one of
our nation’s oldest and largest captive domiciles, Nevada prides itself on its
ability to maintain consistent and high regulatory standards, while also
providing good service and a business friendly regulatory environment,” said
continues to offer the fastest application approvals in the country and Pure
Captive application fees will continue to remain at just $1050. Nevada also
offers some of the best regulatory options for captive formations including
series LLC’s and segregated cell captive programs. This fact combined
with Nevada’s nation-leading program support, will continue to make Nevada one
of the country’s largest and most popular captive insurance domiciles.
companies take advantage of the fast application approval and Nevada’s Series
LLC legislation, it has become clear that business owners worldwide consider
Nevada to be a leader as a Captive domicile,” said Deputy Commissioner Michael
Division of Insurance and the Nevada Captive Insurance Association will be an
exhibiting sponsor at the 2014 Captive Insurance Company Association conference
in Scottsdale, Arizona, March 9 - 11.
This will provide an excellent showcase for Nevada’s captive insurance
program and will demonstrate Nevada’s continuing competitiveness within the
captive insurance market place.
captives and captive managers interested in domiciling in Nevada can contact
Deputy Commissioner Michael Lynch at (775) 687-0758.
About Nevada Captive Insurance
Nevada has licensed greater than 200 captive insurers since the
inception of its captive insurance program in 1999. As one of the country’s oldest captive
domiciles, Nevada enjoys a strong working relationship with service providers
from around the world. In recent years,
Nevada has seen rapid growth in captive utilization by many important new
segments of the state and national economy, including: Bio-tech, alternative
energy, multi-national transportation and manufacturing, as well as significant
growth in captives for financial institutions.
Nevada continues to be a leader in the nation in formations of risk
retention groups. For more information about forming a Captive or Risk
Retention Group in Nevada visit doi.nv.gov/nvcaptive.
About the Nevada Division of Insurance
The State of
Nevada Division of Insurance is a division of the Nevada Department of Business
and Industry. It is the state agency that protects the rights of Nevada consumers and regulates Nevada’s
$11.7 billion insurance industry. It has offices in Carson
City and Las Vegas. In 2013, the
Division investigated more than 2,600 consumer complaints and recovered more
than $3.8 million on behalf of consumers. For more information about the Division
of Insurance, visit DOI.NV.GOV.