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Read. Follow. Verify.Iowa regulates captive insurance and life reinsurance companies, requiring $5 million minimum capital and strict reporting
Last action · May 27, 2026: Fiscal note.
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What This Bill Does
Senate File 299 establishes comprehensive regulations for captive insurance companies and life captive reinsurance companies, requiring a minimum unimpaired paid-in capital and surplus of $5 million for life captive reinsurers and prohibiting the public inspection of captive tax returns under chapter 22. The measure sets forth strict licensing, operational, investment, and reporting standards overseen by the commissioner of insurance, and imposes serious misdemeanor penalties for unlawful publication of protected tax returns.
The measure establishes new compliance standards, capital thresholds, and confidentiality rules for specialized corporate insurers operating within the state, directly affecting how captive insurance entities manage reserves, submit financial statements, and undergo periodic state examinations.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Captive Insurance Companies
Captive insurance companies must comply with new capital requirements, filing deadlines, reporting procedures, and commissioner approvals for material transactions.
Life Captive Reinsurance Companies
Life captive reinsurance companies are subject to mandatory licensing, $5 million minimum surplus requirements, actuarial certifications, and regular financial examinations.
State Officers and Employees
State employees are prohibited from willfully or recklessly publishing confidential captive tax returns under penalty of a serious misdemeanor and job dismissal.
Key Facts
- A tax return filed by an insurance or captive company is exempt from public inspection under chapter 22, and unauthorized publication by a state officer or employee constitutes a serious misdemeanor resulting in dismissal from office.
- Life captive reinsurance companies must possess and maintain unimpaired paid-in capital and surplus of not less than $5 million.
- Protected cell captive companies must maintain unimpaired paid-in capital and surplus of not less than $100,000, subject to specific exceptions.
- Life captive reinsurance companies must submit an annual report, risk-based capital levels, supplemental compensation exhibits, and actuarial opinions to the commissioner by March 1.
Show all 6 facts
- Captive companies and life captive reinsurance companies are subject to regular examinations by the commissioner at least once every five years.
- Foreign or alien captive companies that redomesticate into the state may elect to forgo payment of premium taxes in their first or second year of operation, subject to repayment penalties if they leave within five years.
Frequently Asked Questions
Are captive insurance tax returns available to the public?
What is the minimum capital required for a life captive reinsurance company?
How often must life captive reinsurance companies be examined?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Current status: Signed into law.
Procedural history
43 actions- May 27, 2026Iowa LegislatureFiscal note.
- May 15, 2026HouseEnrolledSigned by Governor . H.J. 1169 .
- May 6, 2026HouseReported correctly enrolled, signed by Speaker and President, and sent to Governor. H.J. 1164 .
- Apr 21, 2026HouseMessage from Senate. H.J. 955 .
- Apr 21, 2026SenateImmediate message. S.J. 858 .
- Apr 21, 2026SenateFloorPassed Senate , yeas 44, nays 0. S.J. 857 .
Show 37 earlier actions
- Apr 21, 2026SenateSubstituted for SF 2499 . S.J. 856 .
- Apr 21, 2026SenateIntroducedRead first time, attached to SF 2499 . S.J. 843 .
- Apr 21, 2026HouseMessage from House. S.J. 843 .
- Apr 21, 2026SenateWithdrawn. S.J. 857 .
- Apr 21, 2026SenateHF 2766 substituted. S.J. 856 .
- Apr 21, 2026SenateAmendment S-5197 out of order. S.J. 856 .
- Apr 21, 2026SenateFloorAmendment S-5204 filed, adopted. S.J. 856 .
- Apr 21, 2026SenateAttached to HF 2766 . S.J. 843 .
- Apr 20, 2026HouseImmediate message. H.J. 947 .
- Apr 20, 2026HouseFloorPassed House , yeas 91, nays 1. H.J. 941 .
- Apr 20, 2026HouseFloorAmendment H-8379 adopted. H.J. 941 .
- Apr 20, 2026SenateAmendment S-5197 filed. S.J. 841 .
- Apr 16, 2026HouseAmendment H-8379 filed. H.J. 934 .
- Apr 16, 2026Iowa LegislatureFiscal note.
- Apr 16, 2026Iowa LegislatureFiscal note .
- Apr 15, 2026SenateCommittee report approving bill, renumbered as SF 2499 . S.J. 809 .
- Apr 15, 2026SenateCommittee report, approving bill. S.J. 809 .
- Apr 15, 2026SenateIntroducedIntroduced, placed on Ways and Means calendar. S.J. 805 .
- Apr 13, 2026HouseIntroducedIntroduced, placed on Ways and Means calendar. H.J. 876 .
- Apr 13, 2026Iowa LegislatureCommittee report approving bill, renumbered as HF 2766 .
- Apr 8, 2026HouseCommittee vote: Yeas, 25. Nays, 0. H.J. 867 .
- Apr 8, 2026HouseCommittee report, recommending amendment and passage. H.J. 867 .
- Mar 30, 2026Iowa LegislatureSubcommittee recommends passage.
- Mar 25, 2026SenateSubcommittee Meeting: 03/30/2026 12:30PM Senate Lounge.
- Mar 3, 2026Iowa LegislatureSubcommittee recommends passage.
- Feb 26, 2026HouseSubcommittee Meeting: 03/03/2026 8:15AM House Lounge.
- Feb 25, 2026HouseSubcommittee: Lundgren, Wilson and Young. H.J. 435 .
- Feb 25, 2026HouseIntroducedIntroduced, referred to Ways and Means. H.J. 435 .
- Feb 24, 2026SenateSubcommittee: Bousselot, Petersen, and Schultz. S.J. 394 .
- Feb 24, 2026SenateCommitteeReferred to Ways and Means. S.J. 377 .
- Feb 23, 2026SenateCommittee report, approving bill. S.J. 362 .
- Feb 23, 2026SenateIntroducedIntroduced, placed on calendar. S.J. 359 .
- Feb 19, 2026Iowa LegislatureCommittee report approving bill, renumbered as SF 2446 .
- Feb 19, 2026Iowa LegislatureSubcommittee recommends passage.
- Feb 18, 2026Iowa LegislatureSubcommittee Meeting: 02/19/2026 12:00PM Room 315.
- Feb 17, 2026Iowa LegislatureSubcommittee: Sweeney, Bisignano, and Gruenhagen.
- Feb 17, 2026Iowa LegislatureIntroducedIntroduced, referred to Commerce.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Establishment of Subchapter Framework for Life Captive Reinsurers
The bill creates a distinct regulatory division (subchapter II of chapter 521J) specifically tailored to govern life captive reinsurance companies, separating them from general property and casualty captives.
Connected Entities
Sources
www.legis.iowa.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy20Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz25Current news / social attention level
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