Application Process

New Applications

The first step to starting a captive insurer is to contact the Nevada Division of Insurance.  We will hear you out about your insurance needs and help you get started on the process.  Best of all, you’ll get to speak directly with the Division staff that will be regulating your new company and have the opportunity to open lines of communication with a team that wants to help your business succeed.

One of the important topics we will discuss is the several Types of Captives which provide different benefits for different businesses and affiliations.   Based on your needs, we will help you narrow down your selection, and provide you with some key information so you can move into the application process with confidence.

The next step in the application process will be to choose service providers. Captive insurers in Nevada are required to contract with persons or agencies which provide the following services:

• Captive Manager – who has been authorized by the Commissioner.
• Certified Public Accountant (CPA) - Either an independent CPA that has been recognized by the Commissioner, or a firm that has been accepted by the Commissioner as a Nationally Recognized Firm.
• Actuary – who has been recognized by the Commissioner.
• Attorney who is licensed with the Nevada Bar.

The list of approved service providers may be found on our Captive Service Providers page. If you would like to contract with a service provider that is not listed, please have them contact us at captives@doi.nv.gov to request more information.

The first service provider you will want to reach out to is a Captive Manager.  Captive Managers are the expert resource for starting and maintaining your Captive Insurance company.  After the application process, your Captive Manager will work directly with the Division and help you manage the requirements and obligations of State and Federal laws.

Once you have secured your service providers, you can get started on the paperwork. 

The application process generally follows this order:  

1. Obtain approval from the Division for the name of the proposed Captive, which cannot be similar to the name of other Insurance Providers.
2. Develop a business plan and obtain actuarial feasibility studies and pro forma.
3. Prepare forms and documents to establish the Captive Insurer as a NV business, but please note that these documents should not be submitted to NV Secretary of State(NVSOS) until approved by the Division.
4. Complete Division Application Forms and establish bank accounts.
5. Submit the completed application and the application fee of $1,050.00. Note that this is separate from any fees which may be charged by the NVSOS.
6. The Division reviews the application and may request additional documentation.
7. If the Division approves the application, then a Letter of Acceptance is provided which can be submitted with the business application to the NV Secretary of State. (Insurers will not be approved by NVSOS without this letter).
8. The applicant provides the Division proof of business registration with the NVSOS.
9. The Division issues license to conduct business as a Captive Insurer.

The specific requirements of the application can be found on the second page of the application form found on our Forms and Resources page.  One of these requirements is a minimum starting amount of unencumbered Capital and Surplus in their accounts.  Once you’ve begun operating and writing insurance, the amount of equity will be dependent upon the types and limits of insurance you’re writing.  The table below lists the minimum starting capital and surplus requirement: 

*Cash secured by a bank that is a member of the United States Federal Reserve System, and either chartered in Nevada or is a nationwide bank with a branch office in Nevada.

**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.

After licensing, captive insurers must meet certain annual filing and renewal requirements. Take a look at the Annual Filing, Fees, and Taxes page for more information.

Check out these pages to find out more about Nevada Captives:
About Nevada Captives
Types of Captives
Application Process
Annual Reports, Fees, and Taxes
Captive Service Providers
Forms and Resources
Frequently Asked Questions
Meet the Team

Additional Links:
Nevada Captive Insurance Council
Captive.com
Nevada Revised Statute 694C
Nevada Administrative Code 694C
Nevada Governors Office of Economic Development