Since enactment by Congress of the Nonadmitted and Reinsurance Reform Act (NRRA) as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, questions about the NRRA’s applicability to captive insurance companies have been a hot topic within the industry. For nearly two years, professionals working on captive insurance matters have been asking: ‘What does the NRRA mean for me?’ Unfortunately, the answer is an unsatisfying: ‘It depends.’