The captive insurance program in Nevada outperformed growth and speed expectations by approving 26 captives in 2014, which resulted in a captive premium increase of $3.8 billion, Insurance Commissioner Scott J. Kipper announced on Thursday.
He said 2014 was once again a record breaking year for Nevada’s captive insurance industry. The state now has 160 domestic captive insurers, the most in the history of its captive insurance program.
Nevada continues to offer a rapid yet thorough application approval process and pure captive application fees will continue to remain at just $1,050, Kipper said.
Nevada has licensed more than 200 captives since the inception of its captive insurance program in 1999. Industries listed among Nevada’s captives include: Bio-tech; alternative energy; multi-national transportation; manufacturing; and financial.
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