Application Fees & Other Financial Information
Application Fee |
$500 |
License/Renewal Fee |
$300 |
Administration & Enforcement Fee |
$250 |
Incorporation Fee |
$75 minimum |
Premium Taxes |
$5,000 minimum* $175,000 maximum |
* A captive insurer is entitled to receive a nonrefundable credit of $5,000 applied against the aggregate taxes owned for the first year in which the captive insurer incurs any liability for the payment of taxes. |
|
Premium Tax Rates
$ MILLIONS |
DIRECT RATES % |
REINSURANCE RATES |
0-20 |
.400 |
.225 |
20-40 |
.200 |
.150 |
Over 40 |
.075 |
.025 |
Financial Requirements
MINIMUM CAPITAL & SURPLUS */**
Pure Captive: $200,000
Association Captive: $500,000
Agency Captive: $600,000
Rental Captive: $800,000
Sponsored Captive: $500,000
* Cash or irrevocable letter of credit. Letter of credit must be automatically renewable
and issued by a bank chartered in Nevada or a member of the United States Federal
Reserve System, and approved by the Commissioner of Insurance.
** Capital stock must not be issued at less than par value.