Nevada Issued 21 New Captive Insurance Licenses in 2021
January 17, 2022
Nevada licensed 21 new captive insurance companies—most of them cell captives—in 2021.
According to the Nevada Division of Insurance, of the 21 new captives, 17 were protected cells, 3 were pure captives, and 1 was an agency captive.
Including cell captives, Nevada had 295 captives at the end of 2021, down from 296 in 2020. Excluding cell captives, Nevada had 161 captives in 2021, down from 166 in 2020.
In addition, excluding cell captives, 45 percent of Nevada captives were formed by parents in the banking, finance, and insurance industries; 15 percent of the state's captive insurance companies were formed by real estate and construction companies; 15 percent were formed by industrial companies, which includes agricultural, transportation, and manufacturing companies; 10 percent were formed by healthcare companies; and 5 percent were formed by sales companies.
Nevada's captive premium taxes are relatively modest, with a $5,000 annual minimum tax and a $175,000 maximum. New captive insurance companies in Nevada receive a first-year $5,000 tax credit.
January 17, 2022
