On Jun. 11, 2025, NV LEG designated SB 503 as Chapter 515, after governor signed and approved the bill on Jun. 10, 2025; bill to become effective as of Jul. 1, 2025.
On Jun. 6, NV LEG passed bill to end supervision account for captives.
NV LEG passed Bill SB 503 to amend Nevada revised statutesNV INS 57-694C.450, and NV INS 57-694C.460, to eliminate account to regulate, supervise captive insurers.
Document dated Jun. 2, 2025, received from NV LEG Jun. 6, summarized on Jun. 10.
Legislative Provisions
Bill eliminates the Account for the Regulation and Supervision of Captive Insurers.
Requires the fees, assessments and taxes which are required to be credited to the Account to be credited directly to Fund for Insurance Administration and Enforcement.
Money remaining on Jul. 1,2025, in the Account will remain in the Fund and authorized to be used for any other purpose for which any money in the Fund may be used.
Legislative History
On May 21, 2025, bill introduced in Senate; on May 29, 2025, bill passed in Senate.
On May 29, 2025, bill delivered to Assembly; on Jun. 2, 2025, bill passed in Assembly.
Effectiveness
If bill is enacted, the Act becomes effective on Jul. 1, 2025.
Jun. 2025 NV LEG Governor Approval
On Jun. 11, 2025, NV LEG designated SB 503 as Chapter 515, after governor signed and approved the bill on Jun. 10, 2025; bill to become effective as of Jul. 1, 2025.
