SUBMITTED NEWS RELEASE
CARSON CITY, Nev. – Nevada Insurance Commissioner Brett Barratt is pleased to announce that by signing Assembly Bill 74 (AB 74) Governor Brian Sandoval has further strengthened Nevada’s commitment to the captive insurance industry. The bill was submitted by the Nevada Division of Insurance (Division) and has provisions that reduce compliance expenses by no longer requiring “pure” captive insurers to be examined without cause, lowers application expenses and simplifies financial reporting. These improvements to Nevada’s captive law will enhance Nevada’s attractiveness as a captive domicile.
“I am pleased to sign into law these provisions that will make Nevada a more attractive place to do business for captive insurers,” said Governor Sandoval. “These changes are closely aligned with Nevada’s business friendly attitude. Captive insurers are also an excellent mechanism for businesses to capitalize on their successful risk management.”
As well as the changes enabled by AB 74, Nevada is appealing to captives because it has no corporate income tax and business friendly corporate laws. A captive can typically incorporate in Nevada within 24 hours. These factors combined with the Division’s dedication to customer service for both the industry and consumers make Nevada a great place for captives to domicile.
“I’m very pleased that the Nevada was able to make these changes to enhance our competitiveness as a ‘pure’ captive insurance domicile,” said Commissioner Barratt. “I encourage anyone interested in forming a captive in Nevada to call me directly for more information at (775) 687-0771.”
The State of Nevada continues to promote the growth of the captive industry in Nevada as it has both direct and indirect benefits to the state. In addition to bringing in state general fund revenue each captive domiciled in Nevada helps diversify our economy by creating white collar, non-polluting, non-tourism jobs.
About the Nevada Division of Insurance
The Nevada Division of Insurance protects the rights of Nevada consumers in their experiences with the insurance industry and ensures the financial solvency of insurers. The Division investigated more than 2,400 consumer complaints during fiscal year 2010. The total premium dollar amount of all lines of insurance in Nevada for 2010 was approximately $11 billion. The Division is an accredited member of the National Association of Insurance Commissioners, a national organization comprised of state insurance regulators dedicated to the development of good public policy in insurance. For more information about the Division of Insurance, visit doi.nv.gov
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