What Key Person Insurance Requirements Apply in Nevada?

Nevada residents receive up to $300,000 in state guaranty-association coverage for a life policy’s death benefit if a member insurer becomes insolvent. Because a key-person policy may exceed that backstop, identify the issuing insurer and size the benefit with the cap in view. Ask what information the carrier needs to connect the requested death benefit to the company’s likely financial loss. Include that explanation in the issuance checklist. Compare your ownership and insured’s role with Nev. Rev. Stat. §§ 687B.040, 687B.080.

What Is Key Person Insurance?

Key person insurance pays the business, not the person’s family, when a founder, partner or employee it relies on dies. Disability, overhead expense and buyout funding are separate products to discuss on their own. Read the national Key person guide.

What Should You Watch for With Key Person Insurance in Nevada?

Document the Business Interest
Ask what information the carrier needs to connect the requested death benefit to the company’s likely financial loss. Include that explanation in the issuance checklist. ¹
Complete Written Notice and Consent
For the employer-owned tax exception in Nevada, make sure the notice names the maximum face amount and beneficiary. Match the disclosed amount to the policy schedule. ^2,³
Check the State Guaranty Backstop
NOLHGA lists $300,000 in death-benefit protection for Nevada. The policy may promise more, so ask how a multi-life program is handled. Use that number when sizing the business continuity plan. For issuance, also check Nev. Rev. Stat. §§ 687B.040, 687B.080. ^4,^5,¹

Which Key Person Insurance Providers Have Nevada License Records?

These providers publish a national listing for Key person; the license records below name the licensed entities and roles. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm the product is available in Nevada. Check the regulator’s license lookup and confirm state availability for your business when requesting a quote.

Vouch
Insurance producer, Surplus-lines broker · checked 2026-09-28
Vouch Specialty Insurance Services, LLC
Vouch’s licenses page, effective January 16, 2025, lists producer licenses in all 50 states and DC. Its separate surplus-lines table includes Idaho number 870820, while a footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses. Because those statements conflict for Idaho, this record keeps Idaho producer-only and does not treat the table number as established agency surplus-lines authority. The page is company-reported and does not establish product availability. ¹⁹
Vouch arranges key person coverage for technology businesses.

Who Regulates Insurance in Nevada?

Nevada Division of Insurance

The Nevada Division of Insurance regulates insurers and producers and provides a license verification tool for agents, agencies and companies. Its Consumer Services unit accepts insurance complaints and questions. ^6,^7,⁸

Website: Regulator website
License lookup: Search licensed producers
Complaints: File a complaint
Phone: 888-872-3234

Surplus-Lines Tax and Stamping Office in Nevada

Reported tax rate. Same tax rate as admitted coverage of the same kind; an approved filing fee may also apply ^9,^10,^11,¹²

When Nevada is the insured’s home state, Nevada taxes surplus-lines coverage at the rate imposed on similar admitted coverage and adds any approved filing fee; the rate therefore depends on the line and applicable fee approval. Nevada law requires a diligent effort to place coverage with authorized insurers except where the statutory exempt-commercial-purchaser conditions apply, and the policy must warn that the Nevada Insurance Guaranty Association will not cover the contract.

What Should You Ask Before Buying Key Person Insurance in Nevada?

What Nevada law supports our business’s insurable interest in this person, and what should we retain to prove the role?
What written notice and consent must the insured receive before this policy is issued, and can coverage continue after employment ends?
How would Nevada’s guaranty-association limit apply to this policy and our other business-owned life policies?

Key Person Insurance in Nevada: Frequently Asked Questions

How much of a key person life policy is protected if an insurer fails in Nevada?

The state table reports a $300,000 limit for a Nevada life policy’s death benefit. The amount applies to guaranty coverage; ask how your ownership and insured lives are counted. NOLHGA reports an aggregate $5 million limit for one owner’s multiple nongroup life policies. ^4,⁵

Does my business need an employee’s consent for key person insurance in Nevada?

Yes. Federal rules require written notice and consent before issue for the employer-owned life tax exception. For the employer-owned tax exception in Nevada, make sure the notice names the maximum face amount and beneficiary. Match the disclosed amount to the policy schedule. Ask who will retain the consent and how the insured can access it. For state-law details, check Nev. Rev. Stat. §§ 687B.040, 687B.080. ^2,^3,¹

Sources for Key Person Insurance in Nevada

1
2025 Nevada Revised Statutes, Chapter 687B — Personal Insurable Interest; Consent. State statute (Justia U.S. Codes and Statutes); Nev. Rev. Stat. §§ 687B.040, 687B.080. Accessed 2026-09-28.
2
26 U.S.C. § 101(j) — Certain employer-owned life insurance contracts. Office of the Law Revision Counsel, U.S. House of Representatives; 26 U.S.C. § 101(j)(2), (4). Accessed 2026-09-28.
3
Internal Revenue Bulletin 2009-24 — Employer-Owned Life Insurance Contracts. Internal Revenue Service; Notice 2009-48, Q&A 6–7; written notice and consent. Accessed 2026-09-28.
4
How You’re Protected: Coverage Levels by State. National Organization of Life & Health Insurance Guaranty Associations; Coverage Levels by State; life insurance death benefits; report current as of May 2025. Accessed 2026-09-28.
5
Life and Health Insurance Guaranty Association Model Act. National Association of Insurance Commissioners; Section 8(A)(2)(d), owner aggregate benefit cap. Accessed 2026-09-28.
6
Nevada Division of Insurance. Nevada Division of Insurance; Official regulator homepage; current page describes insurance oversight and consumer services. Accessed 2026-09-28.
7
Verify a License. Nevada Division of Insurance; Official Verify a License destination (redirects to di.nv.gov licensing search); regulator materials identify agent/company license verification there. Accessed 2026-09-28.
8
File a Complaint. Nevada Division of Insurance; Official consumer complaint destination; Division Consumer Services handles insurance complaints; toll-free 888-872-3234. Accessed 2026-09-28.
9
NRS Chapter 685A, Nonadmitted Insurance. Nevada Legislature; Current codification, revised April 15, 2026; §685A.130 diligent effort/exempt purchaser provisions; §685A.155 broker fees. Accessed 2026-09-28.
10
NRS §685A.175. Nevada Legislature; Current codification says Nevada-home-state surplus-lines premium tax equals the rate on similar admitted coverage and includes fees imposed under §685A.075. Accessed 2026-09-28.
11
NRS §§685A.032, 685A.130. Nevada Legislature; Defines exempt commercial purchaser and sets placement/search provisions; assess full statutory criteria before treating a placement as exempt. Accessed 2026-09-28.
12
NRS §685A.090. Nevada Legislature; Mandated policy text says a claim under the nonadmitted contract is not covered by the Nevada Insurance Guaranty Association Act. Accessed 2026-09-28.
13
Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
14
Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
15
Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
16
About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
17
Licenses. ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885. Accessed 2026-09-28.
18
Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
19
Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

What Key Person Insurance Requirements Apply in Nevada?

What Is Key Person Insurance?

What Should You Watch for With Key Person Insurance in Nevada?

Document the Business Interest

Complete Written Notice and Consent

Check the State Guaranty Backstop