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Nevada insurance regulators supported a 2005 captive law change and want state lawmakers to make another modification this year to ease what they say are unnecessary financial burdens on owners of captive insurers.
Nevada lawmakers in 2005 lowered the premium tax and fees on risk retention groups licensed in other states that write business for Nevada policyholders.
The 3.5% premium tax, which was reduced to 2%, especially discouraged the groups from forming in Nevada because Nevada-licensed RRGs had faced retaliatory taxes in other states in which they wrote coverage. Many states impose such penalties.
This year, Nevada regulators hope to shepherd through the Legislature a bill that would change the captive law's capital and surplus requirement to an aggregate amount.
Currently, captives must meet separate requirements for capital and surplus. That requirement has tripped up some captives that were more than adequately funded in total but did not have their funds appropriately delineated under the current requirements, said Cliff King, chief administrator-captive programs for the Nevada Insurance Division.