Annual Requirements
The date that a Captive is licensed is the date filing responsibilities begin. If a Captive is licensed in the year 2013 the captive must meet the filing requirements for 2013.
- 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 June 30 and $100/day penalty for late filing (see NRS 694C.400). A request to extend the filing due date may be submitted per NAC 694C.200(6).
- Audited Financial Filing due on or before June 1 for RRG’s and June 30 for non-RRG’s and June 30 for non-RRG’s with $100/day penalty for late filling (see NRS 694C.400). Requests for extensions and exemptions should be submitted per NAC 694C.210(5)-(7).
- License renewal and fee due on or before March 1.
- Current updated business plan due on or before March 1 in the Nevada Business Plan Template for Risk Retention Groups. Non-RRG’s may submit their business plan as required by NRS 694C.240 in the form described by the Captive Insurer Application/Business Plan Index.
- Pro Forma Financial Statements for at least three years due on or before March 1 in the Nevada Pro Forma Template for Risk Retention Groups.
- For Risk Retention Groups, the Corporate Governance Annual Disclosure is due June 1.
Premium Taxes
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 form is available below and must be submitted annually on or before June 30 pursuant to NRS 694.400(3) and NAC 694C.200(4).
- Captive Annual Statement: Pure
- Captive Filing Requirements for Domestic Captive Insurance Companies (excl. State Chartered Risk Retention Groups)
- The Annual Audited Financial Statement filing for non-RRG captives is due on or before June 30 annually. The filing must include the elements described in NAC 694C.210.
- 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 is due June 1st. The filing must include a CPA letter of qualification and a report of significant deficiencies in internal controls. The NAIC Financial Statement Checklist can be found at Property and Casualty Checklist.