NV SB503

Eliminates the Account for the Regulation and Supervision of Captive Insurers, which was a separate sub-account within the Fund for Insurance Administration and Enforcement

Redirects 25% of captive insurer premium tax revenues, along with related fees and assessments, to the general Fund for Insurance Administration and Enforcement instead of the dedicated captive insurer account

Removes the restriction that limited captive insurer-related funds to only captive insurance regulation purposes, allowing the money to be used for any Division of Insurance purpose

Eliminates the provision allowing up to 2% of captive insurer tax revenue to be transferred to economic development agencies to promote the captive insurance industry

Transfers any remaining balance in the captive insurer account to the general Fund on July 1, 2025, when the act becomes effective