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Regulatory Procedures
Initial Licensing Requirements
Listed below are some pointers to help expedite the licensing process:
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Schedule a meeting with the Commissioner and staff
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Submit the name of the captive for approval to ensure it does not conflict with
other names.
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Include a certified copy of the charter, articles of incorporation, articles of
association or Rules of Governance, and bylaws; or, if being formed as a
reciprocal, a certified copy of the power of attorney-in-fact and subscribers'
agreement. The purpose clause in the articles of incorporation must state that
the primary purpose of the captive insurance is to transact business in
accordance with NRS 694C.300.
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Submit a full business plan including operational structures and rating
processes.
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Include identification and qualifications of underwriting manager for group,
association or rental captives. Management companies must be approved by the
Commissioner.
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Submit pro forma financial statements prepared by a CPA. Pure captives must
also include the financial statements of the owners.
Ongoing Requirements
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Establish accounts with a bank located in Nevada.
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Nevada resident must be listed as the resident agent.
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Captive must contract with a CPA or a nationally recognized CPA firm, approved
by the Commissioner.
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Captive must employ or contract with actuaries to review and evaluate its
operations, and also retain a Nevada licensed attorney, who is experienced in
Nevada law.
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Board of Directors must hold an annual meeting in Nevada.
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Material changes must be submitted to Commissioner for approval before
implementation.
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License renewal and fee due March 1.
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Premium tax due on or before March 1.
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Annual report due on or before March 1.
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Audited financial statement due on or before June 30.
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Captives are subject to examination by the Commissioner every 3 years.
Commissioner may extend examination to every 5 years if annual audits are
conducted.
Application Fees and Other Financial Information
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