Captive Service Providers
Approved Service Provider Lists:
Approved Captive
Managers
Approved CPAs
Approved Actuaries
About Captive Service Providers
Captive Insurance companies are required to contract with 5 service providers, which include the Captive Manager, Certified Public Accountant, Actuary, Legal Counsel, and a Registered Agent. These service providers assist a captive company in their operations and ensuring that they meet the regulatory requirements of the state of Nevada. Some captives also choose to utilize other service providers in the insurance industry, such as third-party administrators, but these additional services are not required, as in most cases your captive manager already provide similar services.
The captive manager, CPA, and actuaries must be approved by the Commissioner prior to their work with a licensed Nevada captive insurer, and we have provided a link to a list of these providers at the top of this page. If a captive manager, CPA, or actuary wishes to do business with a captive insurer and are not on the list, they may inquire with us by email at captives@doi.nv.gov.
The following is a description of each type of service provider:
Captive Managers - An insurance Captive manager is a specialized firm responsible for overseeing the operations of a captive insurance company. The captive manager’s role involves a combination of technical expertise, regulatory compliance, and strategic guidance to ensure the captive operates efficiently and effectively.
Key responsibilities of a captive manager include:
- Formation and Licensing: Assisting with the setup and licensing of the captive, including working with regulators, legal teams, and financial experts.
- Regulatory Compliance: Ensuring the captive adheres to all local and international insurance laws and regulations.
- Financial Management: Overseeing premium collection, claims processing, investment strategies, and financial reporting.
- Risk Management: Helping the parent organization analyze risks, determine appropriate coverage levels, and develop risk mitigation strategies.
- Operational Support: Managing day-to-day activities such as underwriting, policy issuance, and reinsurance arrangements.
- Strategic Advice: Offering guidance on optimizing the captive’s structure, expanding coverages, or navigating market changes.
Captive managers often serve as a trusted partner to the parent organization, balancing technical insurance expertise with strategic insight to meet the company’s unique risk management needs.
Certified Public Accountants – The captive insurer is required to file an annual audited financial statement, which must be conducted and completed by an approved CPA or CPA firm. The CPA cannot be an outside service provider not directly employed by the captive or its parent and affiliates.
Actuary Services – An actuary provides pricing and loss reserve studies for the captive insurer. An actuary is expected to create a business feasibility study and 5-year pro-forma to be submitted with a new captive insurance application, and any updates to premium prices, coverage limits, and assumption of reinsurance contracts will need to be accompanied by actuary studies.
Legal Counsel – Your legal counsel must be a member in good standing with the Nevada bar. Most captive managers will have a lawyer or legal office they regularly do business with, so you may want to contact a captive manager if you do not already have a lawyer you’re doing business with.
Registered Agent – The state of Nevada requires every corporation or limited liability company to have a registered agent. They will also be required to sign a service of process document as part of your application. For more information on registered agents, contact the Nevada Secretary of State at https://www.nvsos.gov/.
For more
information on service providers, please reach out to us at captives@doi.nv.gov.
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