Bill > SF549

This bill makes several changes to captive insurance companies in Iowa. Key provisions include: - Establishes a new chapter, 521J, that governs the formation, regulation, and taxation of captive insurance companies, including pure captive companies, industrial insured captive companies, protected cell captive companies, and special purpose captive companies. - Imposes new minimum capital and surplus requirements for different types of captive companies. - Requires captive companies to obtain a certificate of authority from the insurance commissioner to operate in Iowa. - Establishes new reporting and examination requirements for captive companies. - Allows captive companies to provide excess workers' compensation insurance and reinsurance. - Creates a captive insurance regulatory and supervision fund to administer the new chapter. - Repeals the existing captive insurance law, Chapter 521G, effective January 1, 2025. The bill is intended to update and modernize Iowa's captive insurance regulatory framework.