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SB 503 Nevada Senate · 2025 Regular Session

Eliminates the Account for the Regulation and Supervision of Captive Insurers in the Fund for Insurance Administration and Enforcement. (BDR 57-1236)

SB 503 eliminates a separate account within Nevada’s insurance fund that previously held fees and taxes from captive insurers (specialized insurance companies). Instead, these funds will now flow directly into the general Fund for Insurance Administration and Enforcement, allowing the state to use them for any purpose supported by that fund - not just captive insurer regulation. This change affects captive insurers, as their required payments will no longer be restricted to a specific regulatory account. The bill takes effect July 1, 2025, with any remaining funds in the old account by that date transferred to the general fund.
Bill status signed all 5 stages cleared
Introduction
May 2025
Committee Review
Jun 2025
Senate Passage
Jun 2025
Assembly Passage
Jun 2025
Signed into Law
Jun 2025
Introduced May 21, 2025 Signed Jun 10, 2025
Maddy AI version diff · 1 comparison

What changed between versions

As Introduced → As Enrolled · 4 edits · Jun 10, 2025
MODERATE
This bill eliminates a separate account for regulating captive insurers within Nevada's insurance fund, redirecting all related fees and taxes to the main fund instead. The change allows those funds to be used for any purpose the main fund can use, rather than being restricted to captive insurer regulation. This streamlines the insurance fund structure and gives the state more flexibility in how captive insurer revenue is spent.
Scope change
The bill removes a specific account (Account for the Regulation and Supervision of Captive Insurers) that previously existed within the Fund for Insurance Administration and Enforcement, consolidating all captive insurer-related funds into the main insurance fund.
FISCAL

Eliminated the separate Account for the Regulation and Supervision of Captive Insurers that previously existed within the Fund for Insurance Administration and Enforcement.

Changed where captive insurer fees, assessments, and taxes are deposited - they now go directly to the main Fund for Insurance Administration and Enforcement instead of the separate captive insurer account.

Added provision requiring any money remaining in the old account as of July 1, 2025, to be transferred to the main fund and made available for any fund purpose.

Modified tax revenue allocation so that 25% goes to the insurance fund and 75% goes to the State General Fund, rather than 25% going to the captive insurer account.

Floor votes · Assembly Jun 2, 2025

How they voted

This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history

Actions timeline

Total actions
11
Key actions
7
Committee
3
Jun 10, 2025
Signed into law
Approved by the Governor.
executive
Jun 4, 2025
Upper · Passed
To enrollment.
upper
Jun 2, 2025
Upper · Passed
Read third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate.
upper
Jun 1, 2025
Upper · Passed
From committee: Do pass. Placed on Second Reading File. Read second time.
upper
May 29, 2025
Upper · Passed
Read third time. Passed. Title approved. (Yeas: 20, Nays: None, Excused: 1.) To Assembly. In Assembly. Read first time. Referred to Committee on Ways and Means. To committee.
upper
May 28, 2025
Upper · Passed
From committee: Do pass. Placed on Second Reading File. Read second time.
upper
May 22, 2025
Upper · Passed
From printer. To committee.
upper
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.