6 March 2015Accounting & tax analysis

Nevada experiences back to back years of record growth

Nevada’s captive insurance programme outperformed growth expectations by approving 26 captives in 2014 resulting in a captive premium increase of $3.8 billion.

Insurance Commissioner Scott Kipper announced that 2014 was once again a record breaking year for the Nevada captive insurance industry.

Nevada now has 160 domestic captive insurers, more than ever before in the history of Nevada’s captive insurance programme.

“As one of our nation’s oldest and largest captive domiciles, Nevada prides itself on its ability to maintain consistent and high regulatory standards, while also providing good service and a business friendly regulatory environment,” said Commissioner Kipper.

Nevada said fees will continue to remain at $1,050. It offers a number of regulatory options for captive formations including series LLCs and segregated cell captive programmes. “We saw a lot of companies choose to take advantage of Nevada’s efficient application approval and series LLC legislation,” said Deputy Commissioner Michael Lynch.

“After another record breaking year, it is obvious that business owners worldwide consider Nevada to be a leader as a captive domicile.”