Nevada is now home to 150 active captives, the largest number in its history, after the state approved 30 new captives in 2013.
Insurance Commissioner Scott Kipper, said that the state had welcomed 17 new captives in December alone, attracted by the history of captive success within the state, its speed to market and its innovations in captive form.
“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 Kipper.
Nevada is reported to have the fastest application process in the country, with competitive fees of just $1,050 to establish a pure captive. The state also offers series limited liability cell (LLC) and segregated cell captive programmes, which have proved popular with middle market parents.
“As many companies take advantage of the fast application approval and Nevada’s Series LLC legislation, it has become clear that business owners worldwide consider Nevada to be a leader as a Captive domicile,” said Deputy Commissioner Michael Lynch.