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Member, Beacon International Group, Ltd.
CARSON CITY, Nev.--The Nevada Division of Insurance licensed a record 35 captive insurance companies last year as the state grew rapidly as a captive domicile.
Last year's 35 formations, bringing the total number of licensed captives to 96 at year-end 2006, compares with 20 captives licensed in 2005.
Of the new captives, 25 were single-parent, nine were risk retention groups and one was an association captive, said Cliff King, chief administrator of captive programs at the Nevada Division of Insurance in Carson City. With several applications now pending, the fourth-largest U.S. domicile soon should cross the 100-captive mark, he said.
"We try to be responsive to the needs of applicants, and we are excited to see our efforts are finally paying off," Mr. King said.
Nevada enacted captive legislation in 1999.