The date that a Captive is licensed is the date filing responsibilities begin. For a Captive licensed on December 31, 2012, for example, is required to meet all filing requirements for the year 2012. That includes an Annual Report, the minimum Premium Tax for the entity and the annual renewal fee.
- The board of Directors must hold an annual meeting in Nevada.
- Non-Pure Captives are subject to examination by the Commissioner of Insurance every 3 years. The Commissioner of Insurance may extend examination to every 5 years if comprehensive annual audits are conducted.
- Captive must contract with a CPA or nationally recognized CPA firm, approved by the Commissioner of Insurance.
- Captive must employ or contract with actuaries to review and evaluate its operations, and also retain a Nevada licensed attorney, who is experienced in Nevada law.
- Material changes must be submitted to the Commissioner of Insurance for approval before implementation.
- Premium tax due on or before March 1.
- Annual report due on or before March 1.
- Audited Financial Filing due on or before June 30.
- License renewal and fee due on or before March 1.
Premium taxes are due for the year that the captive is licensed. The Annual Premium Tax forms are available on the State of Nevada Division of Insurance’s Captive Insurers Page under forms
Premium taxes range from $5,000 minimum to 175,000 maximum
*A captive insurer is entitled to receive a nonrefundable credit of $5,000 applied against the aggregate taxes owed for the first year in which the captive insurer incurs any liability for the payment of taxes
Annual Report of Financial Condition
- Pure Captives Annual Report of Financial Condition is located on the premium tax form under Captive Annual Statement Reporting Section for pure captive companies only. The designated section must be filled in and submitted to the Division on or before March 1st annually.
- Risk Retention Groups will file annual and quarterly reports with NAIC and the Nevada Division of Insurance by March 1, May 15, August 15 and November 15.
- The Annual Audited Financial Statement filing is due on or before June 30 annually. The filing must include a CPA letter of qualification, a statement of actuarial opinion, actuarial summary, report of significant deficiencies in internal controls and financial statement.