Nevada’s Captive Insurance Program outperformed growth and speed expectations by approving 26 captives in 2014 resulting in a captive premium increase of $3.8 billion.
Insurance Commissioner Scott J. Kipper announced today that 2014 was once again a record breaking year for the Nevada captive insurance industry as Nevada’s captive premiums increased by $3.8 billion.
Nevada now has 160 domestic captive insurers, more than ever before in the history of Nevada’s captive insurance program.
“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 Commissioner Kipper.
Nevada continues to offer a rapid yet thorough application approval process and pure captive application fees will continue to remain at just $1,050. 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.
“We saw a lot of companies choose to take advantage of Nevada’s efficient application approval and series LLC legislation,” said Deputy Commissioner Michael Lynch.
“After another record breaking year, it is obvious that business owners worldwide consider Nevada to be a leader as a captive domicile.”
Prospective 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 more 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 $11.9 billion insurance industry. It has offices in Carson City and Las Vegas. In 2014, the Division investigated more than 2,800 consumer complaints and recovered more than $4 million on behalf of consumers. Download the Division’s smartphone app NDOI Connect today in the Apple App Store and Google Play.