The Iowa Insurance Division published a press release announcing the signing of H.F. 2766, which updates the state captive insurance laws.
The Division has made changes to keep the Iowa market competitive with other captive insurance jurisdictions. Changes include:
- The creation of a temporary premium tax waiver for non-life captive insurance companies moving to Iowa
- Allowing special purpose captives to be formed as a reciprocal insurer
- Reducing the minimum capital and surplus requirement for protected cell captive companies to $100,000
- Allowing protected cells to be formed as LLCs or series LLCs
- Allowing captive insurers to use parametric insurance
The press release can be found here.