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|
Application Fees and Other Financial Information
| Fees
|
|
| Application Fee |
$500 |
| License/Renewal Fee |
$300 |
| Incorporation Fee |
$75 minimum |
| Review Firm Fee |
$3,500 average (varies,
depending on complexity) |
| Premium Taxes
|
|
|
| $ Millions |
Direct Rates % |
Reinsurance Rates % |
| 0-20 |
.400 |
.225 |
| 20-40 |
.200 |
.150 |
| Over 40 |
.075 |
.025 |
| Financial Requirements
|
|
|
| Captive Type |
Minimum Capital */** |
Minimum Surplus* |
| Pure Captive (stock only) |
$100,000 |
$100,000 |
| Association Captive (stock) |
$200,000 |
$300,000 |
| Agency Captive (stock only) |
$300,000 |
$300,000 |
|
Rental Captive (stock only)
|
$400,000 |
$400,000 |
|
Association Captive (mutual or reciprocal only)
|
N/A |
$500,000 |
|
Sponsored Captive
|
$200,000 |
$300,000 |
*Cash or irrevocable letter of credit. 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.
**Capital stock must not be issued at less than par value.
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