Insurance Division Touts 24-Hour Captive Approval

The Nevada Insurance Division has launched an expedited approval process for single-parent and small captive insurers and reduced application fees.The division said it can approve applications within 24 hours for single-parent captives and captives organized under Section 831(b) of the U.S. Code. That code section allows insurers with less than $1.2 million in annual premium to be taxed on their investment income only.The division said qualified captives that use the expedited process will see a $4,000 reduction in application fees, making the total fees only $1,050 for pure captives.The divis...