Iowa Captive Insurance A captive insurance company provides an alternative risk financing option for companies to take financial control of managing risk by underwriting their own insurance instead of paying premiums to third-party insurers
Legislative Services Agency - Iowa Legislature Currently, captive insurance companies are not allowed to operate or sell insurance in the State There are captive insurance companies headquartered in Iowa that must do business outside of the State
ARC 7644C - Iowa Administrative Rules 113 4(2) All captive insurance companies are to use the Iowa Captive Company Annual Statement Form, except captive risk retention group insurers and special purpose captive companies, which shall use the National Association of Insurance Commissioners' (NAIC's) Annual and Quarterly Statements
Iowa on the Brink of Embracing Captive Insurance Iowa is on the brink of becoming the next state to embrace captive insurance companies On April 24, the Iowa Senate unanimously passed Senate File 549 (SF 549), as amended, “a bill for an act relating to captive insurance companies,” which the House passed earlier in April
Iowa Captive Insurance - National Law Review Iowa is on the brink of becoming the next state to embrace captive insurance companies On April 24, the Iowa Senate unanimously passed Senate File 549 (SF 549), as amended, “a bill for an
Iowa Department of Insurance and Financial Services - captive. com We understand the unique needs of captive insurers and will work collaboratively with captive owners, captive participants, and service providers to ensure a smooth and efficient regulatory process The Iowa captive domicile offers the following alternative risk transfer programs
Captive Insurance Programs in Iowa – State Regs Today Yes, there are tax incentives and advantages for businesses to establish a captive insurance program in Iowa The state offers a variety of tax credits, exemptions, and deductions for captive insurance companies, including income tax exemptions for certain types of captives and premium tax reductions for new captive insurance companies
Ongoing Requirements for Iowa Captive Insurance Companies There are several ongoing requirements associated with an Iowa domiciled captive insurance company Following is a list of many of these items Please refer to Iowa Code Chapter 521J and Iowa Administrative Rules 191-113 for complete requirements
Types of Captive Insurance Companies allowed in Iowa First, they must procure their insurance of any risk by use of a full-time employee acting as an insurance manager or buyer Second, their aggregate annual premiums for insurance on all risks must be at least $25,000
Iowa Becomes Latest State To Enact a Captive Insurance Law Iowa lawmakers have passed and Governor Kim Reynolds has signed legislation to allow the formation of captive insurance companies in the state Under the bill, SF 549, captives would have to submit an annual report to Iowa's Insurance Division by April 1