Bill > SB503

This bill eliminates the Account for the Regulation and Supervision of Captive Insurers, which was previously a dedicated account within the Fund for Insurance Administration and Enforcement. Currently, captive insurers (specialized insurance companies that primarily insure the risks of their parent company or related companies) pay taxes and fees that were partially deposited into this specific account. Under the new legislation, these taxes, fees, and assessments will instead be credited directly to the broader Fund for Insurance Administration and Enforcement, allowing the money to be used for any purpose the fund allows, rather than being restricted to captive insurer regulation. The bill specifies that any money remaining in the Account for the Regulation and Supervision of Captive Insurers as of July 1, 2025, will remain in the main fund and can be used for any purpose. This change essentially removes the financial earmarking for captive insurer oversight and provides more flexibility in how these funds can be utilized by the state. The bill will take effect on July 1, 2025, giving state agencies time to prepare for the accounting changes.

Budget and Finance, Business and Industry

Finance (S)

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12958/Overview