Initial Licensing Requirements
LISTED BELOW ARE SOME HELPFUL TIPS TO HELP EXPEDITE THE LICENSING PROCESS:
- Schedule a meeting with the Deputy Commissioner of Insurance and staff by calling (775) 687-0749.
- Submit the name of the captive for approval to ensure it does not conflict with other names.
- Include a certified copy or the charter, articles of incorporation, articles of association or rules of governance, and bylaws; or, if being formed as a reciprocal, a certified copy of the power of attorney-in-fact and subscribers’ agreement. The purpose clause in the articles of incorporation must state that the primary purpose of the captive insurer is to transact business in accordance with NRS 694C.300.
- Submit a full business plan including operational structures and rating processes.
- Include identification and qualifications of underwriting manager for group, association or rental captives.
- Management companies, attorneys, CPAs and actuaries must be approved by the Commissioner of Insurance.
- Submit pro forma financial statements prepared by a CPA. Pure captives must also include the financial statements of the owners.