Iowa 2023-2024 Regular Session Status: Enacted

SF 549 — A bill for an act relating to captive insurance companies, and including applicability provisions.

Last action — Signed by Governor.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 09, 2023. Enacted.

Signed by Governor Kim Reynolds (Republican) on June 01, 2023.

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Advancing 50% · moderate confidence

Where this bill stands today.

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High

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  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

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Bill Text

What changed in the latest version

1299 added · 1324 removed

1299 line(s) added, 1324 removed.

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O FICE OF THE GOVERNOR KMRENLDS AAMGEGG GVENOR TGVENOR ue1,03 heHnrblealate ertryfStefIwa tteaiol esMie,Iwa539 erMr.eray, heeytamt:
Senate File 549 - Enrolled Senate File 549 AN ACT RELATING TO CAPTIVE INSURANCE COMPANIES, AND INCLUDING APPLICABILITY PROVISIONS.
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this section and section 432.2 is the following:
The -applicabl endpercensequefntr purposes of subsection 1 of a.
The “applicable percent” for purposes of subsection 1 of this section and section 432.2 is the following:
a.
For the 2006 calendar years year through the 2023 calendar year, one percent.
For the 2006 and subsequent calendar years year through the 2023 calendar year, one percent.
f, For the 2024 calendar year, nine hundred seventy-five thousandths of one percent.
f.
For the 2024 calendar year, nine hundred seventy-five thousandths of one percent.
h, For the 2026 calendar year, nine hundred twenty-five thousandths of one percent.
h.
For the 2026 calendar year, nine hundred twenty-five thousandths of one percent.
The applicable percent - for purposes of subsection 3 is the following:
The “applicable percent” for purposes of subsection 3 is the following:
For the 2007 and subsequent calendar ycars year through the 2023 calendar year, one percent.
For the 2007 and subsequent calendar years year through the 2023 calendar year, one percent.
432.1A Tax on premiums — captive insurance companies.
432.1A Tax on premiums —— captive insurance companies.
The tax due under paragraph â - on direct premiums collected or contracted for by a captive company shall be calculated as follows:
The tax due under paragraph “a” on direct premiums collected or contracted for by a captive company shall be calculated as follows:
Each captive company under chapter 5211 shall pay on or before March 1 of each year a tax on assumed reinsurance premiums.
Each captive company under chapter 521J shall pay on or before March 1 of each year a tax on assumed reinsurance premiums.
A reinsurance tax shall not apply to premiums for risks or portions of risks that are subject to taxation on a direct basis pursuant to subsection 1 .
A reinsurance tax shall not apply to premiums for risks or portions of risks that are subject to taxation on a direct basis pursuant to subsection 1.
A reinsurance premium tax shall not be payable by a captive company in connection with the receipt by the captive company of assets in exchange for the assumption of loss reserves and other liabilities of another insurer under common ownership and control if the transaction is part of a plan to discontinue the operations of the other insurer, and if the intent of the parties to the transaction is to renew or maintain the other insurer's business with the captive company.
A reinsurance premium tax shall not be payable by a captive company in connection with the receipt by the captive company of assets in exchange for the assumption of loss reserves and other liabilities of another insurer under common ownership and control if the transaction is part of a plan to discontinue the operations of the other insurer, and if the intent of the parties to the transaction is to renew or maintain the other insurer’s business with the captive company.
The amount of reinsurance tax due from a captive company under paragraph â - shall be calculated as follows:
The amount of reinsurance tax due from a captive company under paragraph “a” shall be calculated as follows:
(3) Five percent on each dollar of assumed reinsurance premiums collected after the twenty million dollars collected under subparagraph (1 ) and the twenty million dollars collected under subparagraph (2).
(3) Five percent on each dollar of assumed reinsurance premiums collected after the twenty million dollars collected under subparagraph (1) and the twenty million dollars collected under subparagraph (2).
( 1) Except as provided in subparagraphs (2 ) and (3), if the aggregate taxes as calculated under subsections and 2 that are payable by a captive company are less than five thousand dollars for any one tax year, the captive company shall pay five thousand dollars in tax for that tax year.
(1) Except as provided in subparagraphs (2) and (3), if the aggregate taxes as calculated under subsections 1 and 2 that are payable by a captive company are less than five thousand dollars for any one tax year, the captive company shall pay five thousand dollars in tax for that tax year.
(2) If a captive company is subject to the minimum tax under subparagraph (1 ) in the calendar year in which the company is first granted a certificate of authority under section 521J.2, the tax shall be prorated as follows:
(2) If a captive company is subject to the minimum tax under subparagraph (1) in the calendar year in which the company is first granted a certificate of authority under section 521J.2, the tax shall be prorated as follows:
(3) If a captive company that is subject to the minimum tax under subparagraph (1 ) surrenders the company's certificate of authority in the year that the captive company is subject to the minimum tax, the tax shall be prorated on a quarterly basis as follows:
(3) If a captive company that is subject to the minimum tax under subparagraph (1) surrenders the company’s certificate of authority in the year that the captive company is subject to the minimum tax, the tax shall be prorated on a quarterly basis as follows:
Each series of members of a limited liability company formed as a special purpose captive company shall be considered separately under this section, except that the minimum tax as described in paragraph -a" shall be considered in the aggregate.
Each series of members of a limited liability company formed as a special purpose captive company shall be considered separately under this section, except that the minimum tax as described in paragraph “a” shall be considered in the aggregate.
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For the purposes of this subsection, " common ownership and control " means either of the following:
For the purposes of this subsection, “common ownership and control” means either of the following:
NEW SUBSECTION.
NEW SUBSECTION .
Affiliated company - means a company that is in the same corporate system as a parent, an industrial insured, or a member based on common ownership, control, operation, or management.
“Affiliated company” means a company that is in the same corporate system as a parent, an industrial insured, or a member based on common ownership, control, operation, or management.
NAlien captive company' means a captive company formed under the laws of an alien jurisdiction that imposes statutory or regulatory standards in a form acceptable to the commissioner on companies transacting the business of insurance in such jurisdiction.
“Alien captive company” means a captive company formed under the laws of an alien jurisdiction that imposes statutory or regulatory standards in a form acceptable to the commissioner on companies transacting the business of insurance in such jurisdiction.
Branch business` means any insurance business transacted by a branch captive company in this state.
“Branch business” means any insurance business transacted by a branch captive company in this state.
Branch captive company - means an alien captive company authorized by the commissioner by rule to transact the business of insurance in this state through a business entity with its principal place of business in this state.
“Branch captive company” means an alien captive company authorized by the commissioner by rule to transact the business of insurance in this state through a business entity with its principal place of business in this state.
Branch operations - means any business operations of a branch captive company.
“Branch operations” means any business operations of a branch captive company.
Business entity - means a corporation, a limited Senate File 549, p.
“Business entity” means a corporation, a limited Senate File 549, p.
"Business entity - does not include a sole proprietorship.
“Business entity” does not include a sole proprietorship.
Captive company"" means any pure captive company, protected cell captive company, special purpose captive company, or industrial insured captive company formed or authorized under this chapter.
“Captive company” means any pure captive company, protected cell captive company, special purpose captive company, or industrial insured captive company formed or authorized under this chapter.
Captive reinsurance company - means a captive insurance company in this state, as authorized by the commissioner by rule, that reinsures the risk ceded by any other insurer.
“Captive reinsurance company” means a captive insurance company in this state, as authorized by the commissioner by rule, that reinsures the risk ceded by any other insurer.
Captive risk retention group - means a captive insurance risk retention group formed under this chapter and that is subject to chapter 515E.
“Captive risk retention group” means a captive insurance risk retention group formed under this chapter and that is subject to chapter 515E.
Cash equivalent - means any short-term, highly liquid investment with an original maturity of three months or less that is readily convertible to known amounts of cash.
“Cash equivalent” means any short-term, highly liquid investment with an original maturity of three months or less that is readily convertible to known amounts of cash.
Commissioner - means the commissioner of insurance.
“Commissioner” means the commissioner of insurance.
NControlled unaffiliated business entity - means a business entity or sole proprietorship that meets all of the following requirements:
“Controlled unaffiliated business entity” means a business entity or sole proprietorship that meets all of the following requirements:
The business entity or sole proprietorship is not in a parent's corporate system that consists of the parent and any affiliated companies.
The business entity or sole proprietorship is not in a parent’s corporate system that consists of the parent and any affiliated companies.
The business entity's or sole proprietorship's risks are managed by a pure captive company or an industrial insured captive company, as applicable.
The business entity’s or sole proprietorship’s risks are managed by a pure captive company or an industrial insured captive company, as applicable.
Excess workers' compensation insurance - means, for an employer that has insured or self-insured the employer's workers' compensation risks in accordance with applicable state or federal law, insurance in excess of a specified per-incident or aggregate limit as established by the commissioner by rule.
“Excess workers’ compensation insurance” means, for an employer that has insured or self-insured the employer’s workers’ compensation risks in accordance with applicable state or federal law, insurance in excess of a specified per-incident or aggregate limit as established by the commissioner by rule.
Industrial insured - means an insured that meets all of the following requirements:
“Industrial insured” means an insured that meets all of the following requirements:
The insured's aggregate annual premiums for insurance on all risks are at least twenty-five thousand dollars.
The insured’s aggregate annual premiums for insurance on all risks are at least twenty-five thousand dollars.
"Industrial insured captive company - means an insurance company that insures the risks of industrial insureds, comprised of the industrial insured group and the industrial insured group's affiliated companies and the risks of the controlled unaffiliated business of an industrial insured or its affiliates.
“Industrial insured captive company” means an insurance company that insures the risks of industrial insureds, comprised of the industrial insured group and the industrial insured group’s affiliated companies and the risks of the controlled unaffiliated business of an industrial insured or its affiliates.
Industrial insured group' means a group of industrial insureds that meets either of the following requirements:
“Industrial insured group” means a group of industrial insureds that meets either of the following requirements:
Mutual insurer - means a business entity that does not have capital stock, and that has a governing body elected by the insurer's policyholders.
“Mutual insurer” means a business entity that does not have capital stock, and that has a governing body elected by the insurer’s policyholders.
Mutual insurer - includes a nonprofit corporation with members.
“Mutual insurer” includes a nonprofit corporation with members.
"Organizational document - means articles of incorporation, articles of organization, a subscribers' agreement, a charter, or any other document that can legally establish a business entity in this state.
“Organizational document” means articles of incorporation, articles of organization, a subscribers’ agreement, a charter, or any other document that can legally establish a business entity in this state.
"Parent -means a sole proprietorship, a business entity, or an individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent of the outstanding voting securities or membership interests of a captive company.
“Parent” means a sole proprietorship, a business entity, or an individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent of the outstanding voting securities or membership interests of a captive company.
-Participant -means a sole proprietorship or a business entity and any affiliates that are insured by a protected cell Senate File 549, p.
“Participant” means a sole proprietorship or a business entity and any affiliates that are insured by a protected cell Senate File 549, p.
8 captive company and whose losses are limited by a participant contract to such participant's pro rata share of the assets of one or more protected cells identified in the participant contract.
8 captive company and whose losses are limited by a participant contract to such participant’s pro rata share of the assets of one or more protected cells identified in the participant contract.
Participant contract - means a contract by which a protected cell captive company insures the risks of a participant and limits the losses of each participant in the contract to the participant's pro rata share of the assets of one or more protected cells as identified in the contract.
“Participant contract” means a contract by which a protected cell captive company insures the risks of a participant and limits the losses of each participant in the contract to the participant’s pro rata share of the assets of one or more protected cells as identified in the contract.
Protected cell - means a separate account established by a protected cell captive company formed or authorized under this chapter in which an identified pool of assets and liabilities are segregated and insulated, as provided in section 521J.17, from the remainder of the protected cell captive company's assets and liabilities in accordance with the terms of one or more participant contracts to fund the liability of the protected cell captive company with respect to the participants.
“Protected cell” means a separate account established by a protected cell captive company formed or authorized under this chapter in which an identified pool of assets and liabilities are segregated and insulated, as provided in section 521J.17, from the remainder of the protected cell captive company’s assets and liabilities in accordance with the terms of one or more participant contracts to fund the liability of the protected cell captive company with respect to the participants.
Protected cell assets - means all assets, contract rights, and general intangibles identified and attributable to a specific protected cell of a protected cell captive company.
“Protected cell assets” means all assets, contract rights, and general intangibles identified and attributable to a specific protected cell of a protected cell captive company.
Protected cell captive company - means a captive company that meets all of the following requirements:
“Protected cell captive company” means a captive company that meets all of the following requirements:
The company funds the company's liability to each participant through one or more protected cells, and segregates the assets of each protected cell from the assets of other protected cells, and from the assets of the protected cell captive company's general account.
The company funds the company’s liability to each participant through one or more protected cells, and segregates the assets of each protected cell from the assets of other protected cells, and from the assets of the protected cell captive company’s general account.
Protected cell liabilities' means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell captive company.
“Protected cell liabilities” means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell captive company.
Public records - means the same as defined in section Senate File 549, p.
“Public records” means the same as defined in section Senate File 549, p.
Pure captive company - means an insurance company that insures the risks of the company's parent and the parent's affiliated companies, and the risks of controlled unaffiliated business entities.
“Pure captive company” means an insurance company that insures the risks of the company’s parent and the parent’s affiliated companies, and the risks of controlled unaffiliated business entities.
Qualified actuary - means an individual who meets all of the following requirements:
“Qualified actuary” means an individual who meets all of the following requirements:
Series of members - means a group or collection of members of a limited liability company who share interests and who have separate rights, powers, or duties with respect to property, obligations, or profits and losses associated with property or obligations, and who are specified in the organizational document or operating agreement of the limited liability company, or that are specified by one or more members or managers of the limited liability company or other persons as provided in the organizational document or operating agreement.
“Series of members” means a group or collection of members of a limited liability company who share interests and who have separate rights, powers, or duties with respect to property, obligations, or profits and losses associated with property or obligations, and who are specified in the organizational document or operating agreement of the limited liability company, or that are specified by one or more members or managers of the limited liability company or other persons as provided in the organizational document or operating agreement.
Sole proprietorship - means an individual who does business in a noncorporate form.
“Sole proprietorship” means an individual who does business in a noncorporate form.
Special purpose captive company - means a captive company that is formed or authorized under this chapter that does not meet the definition of any other type of captive company as defined in this section, or that is formed by, on behalf of, or for the benefit of a political subdivision of this state.
“Special purpose captive company” means a captive company that is formed or authorized under this chapter that does not meet the definition of any other type of captive company as defined in this section, or that is formed by, on behalf of, or for the benefit of a political subdivision of this state.
"Sponsor - means any person that meets the requirements of sections 521J.17 and 521J.18, and that is approved by the commissioner to do all of the following:
“Sponsor” means any person that meets the requirements of sections 521J.17 and 521J.18, and that is approved by the commissioner to do all of the following:
A pure captive company shall only insure risks of the company's parent and affiliated companies, and of the company's controlled unaffiliated business entities.
A pure captive company shall only insure risks of the company’s parent and affiliated companies, and of the company’s controlled unaffiliated business entities.
An industrial insured captive company shall only insure risks of the industrial insured company, comprised of the industrial insured group and the industrial insured group's affiliated companies, and the controlled unaffiliated business of an industrial insured group or the industrial insured group's affiliated companies.
An industrial insured captive company shall only insure risks of the industrial insured company, comprised of the industrial insured group and the industrial insured group’s affiliated companies, and the controlled unaffiliated business of an industrial insured group or the industrial insured group’s affiliated companies.
1) Provide personal lines of insurance, including but not limited to motor vehicle insurance, homeowner's insurance, or any component of motor vehicle insurance or homeowner's insurance on a direct basis.
(1) Provide personal lines of insurance, including but not limited to motor vehicle insurance, homeowner’s insurance, or any component of motor vehicle insurance or homeowner’s insurance on a direct basis.
() Accept or cede reinsurance except as permitted by the commissioner by rule.
(2) Accept or cede reinsurance except as permitted by the commissioner by rule.
() Provide health insurance coverage or a group health plan unless the captive company or the branch captive company provides the health insurance coverage or the group health plan only for the parent company and the parent company's affiliated companies.
(3) Provide health insurance coverage or a group health plan unless the captive company or the branch captive company provides the health insurance coverage or the group health plan only for the parent company and the parent company’s affiliated companies.
() Write workers' compensation insurance on a direct basis.
(4) Write workers’ compensation insurance on a direct basis.
() Write life insurance on a direct basis.
(5) Write life insurance on a direct basis.
A protected cell captive company shall not insure any risks other than those of the protected cell captive company's participants.
A protected cell captive company shall not insure any risks other than those of the protected cell captive company’s participants.
The captive company's board of directors, board of managing members, or a reciprocal insurer's subscribers' advisory committee, holds at least one annual meeting in the state.
The captive company’s board of directors, board of managing members, or a reciprocal insurer’s subscribers’ advisory committee, holds at least one annual meeting in the state.
(a) A certified copy of the business entity's organizational document.
(a) A certified copy of the business entity’s organizational document.
(b) A statement under oath of an officer of the business entity showing the business entity's financial condition.
(b) A statement under oath of an officer of the business entity showing the business entity’s financial condition.
If there is a subsequent material change in the information provided to the commissioner under paragraph 'a-, the captive company shall submit appropriate supporting documentation to the commissioner for approval.
If there is a subsequent material change in the information provided to the commissioner under paragraph “a”, the captive company shall submit appropriate supporting documentation to the commissioner for approval.
The captive company shall inform the commissioner of any change in rates within thirty calendar days of the captive company's adoption of a change in rate.
The captive company shall inform the commissioner of any change in rates within thirty calendar days of the captive company’s adoption of a change in rate.
In addition to the information required under paragraphs â a and -b -, each applicant captive company shall file with the commissioner evidence of all of the following:
In addition to the information required under paragraphs “a” and “b”, each applicant captive company shall file with the commissioner evidence of all of the following:
(1) The amount and liquidity of the captive company's assets relative to the risks to be assumed by the captive company.
(1) The amount and liquidity of the captive company’s assets relative to the risks to be assumed by the captive company.
(3) The overall soundness of the captive company's plan of operation.
(3) The overall soundness of the captive company’s plan of operation.
(4) The adequacy of the loss prevention program of the captive company's parent, members, or industrial insureds, as applicable.
(4) The adequacy of the loss prevention program of the captive company’s parent, members, or industrial insureds, as applicable.
(5) Any other factors deemed relevant by the commissioner to ascertain if the proposed captive company will be able to meet the company's policy obligations.
(5) Any other factors deemed relevant by the commissioner to ascertain if the proposed captive company will be able to meet the company’s policy obligations.
In addition to the information required under paragraph â •, each applicant that is a protected cell captive company shall file with the commissioner all of the following:
In addition to the information required under paragraph “a”, each applicant that is a protected cell captive company shall file with the commissioner all of the following:
(2) A statement that acknowledges that all financial records of the protected cell captive company, including records pertaining to any protected cells, shall be made available upon request for inspection or examination by the commissioner or the commissioner's designated agent.
(2) A statement that acknowledges that all financial records of the protected cell captive company, including records pertaining to any protected cells, shall be made available upon request for inspection or examination by the commissioner or the commissioner’s designated agent.
In addition to the requirements of paragraph -, a captive company formed as a reciprocal insurer shall file with the commissioner a certified copy of the power of attorney of the reciprocal insurer's attorney-in-fact, a certified copy of the reciprocal insurer's subscribers' agreement, a statement under oath of the reciprocal insurer's attorney-in-fact that shows the reciprocal insurer's financial condition, and any other statements or documents required by the commissioner as established by rule.
In addition to the requirements of paragraph “a”, a captive company formed as a reciprocal insurer shall file with the commissioner a certified copy of the power of attorney of the reciprocal insurer’s attorney-in-fact, a certified copy of the reciprocal insurer’s subscribers’ agreement, a statement under oath of the reciprocal insurer’s attorney-in-fact that shows the reciprocal insurer’s financial condition, and any other statements or documents required by the commissioner as established by rule.
() The commissioner may, in the commissioner's discretion, disclose the documents and information to a public official having jurisdiction over the regulation of insurance in another state, or to a public official of the federal government, provided that the public official agrees in writing to maintain the confidentiality of the information, and that the laws of the state in which the public official serves require that the information remain confidential.
(2) The commissioner may, in the commissioner’s discretion, disclose the documents and information to a public official having jurisdiction over the regulation of insurance in another state, or to a public official of the federal government, provided that the public official agrees in writing to maintain the confidentiality of the information, and that the laws of the state in which the public official serves require that the information remain confidential.
The commissioner shall be authorized to retain legal, financial, and examination services from outside experts as Senate File 549, p .
The commissioner shall be authorized to retain legal, financial, and examination services from outside experts as Senate File 549, p.
If the commissioner is satisfied with the documents and statements that an applicant captive company has filed in compliance with this chapter, and the applicable provisions of Title %III, subtitle 1 , the commissioner may grant a certificate of authority to the captive company that permits the company to do the business of insurance in this state.
If the commissioner is satisfied with the documents and statements that an applicant captive company has filed in compliance with this chapter, and the applicable provisions of Title XIII, subtitle 1, the commissioner may grant a certificate of authority to the captive company that permits the company to do the business of insurance in this state.
521J.3 Captive companies — names.
521J.3 Captive companies —— names.
Is an amount as determined by the commissioner after giving due consideration to the captive company's business plan, feasibility study, and pro forma documents, including, for a special purpose captive company, the nature of the risks to be insured.
Is an amount as determined by the commissioner after giving due consideration to the captive company’s business plan, feasibility study, and pro forma documents, including, for a special purpose captive company, the nature of the risks to be insured.
Is not less than the applicable amount of capital and surplus required in paragraphs - through -d-, as determined based upon the organizational form of the alien captive company, for a branch captive company.
Is not less than the applicable amount of capital and surplus required in paragraphs “a” through “d”, as determined based upon the organizational form of the alien captive company, for a branch captive company.
521J.5 Captive companies — formation.
521J.5 Captive companies —— formation.
Incorporated as a stock insurer with the stock insurer's capital divided into shares and held by the stockholders.
Incorporated as a stock insurer with the stock insurer’s capital divided into shares and held by the stockholders.
A reciprocal insurer shall have at least one member of the subscribers' advisory committee who is a resident of this state.
A reciprocal insurer shall have at least one member of the subscribers’ advisory committee who is a resident of this state.
A captive risk retention group formed as a reciprocal insurer shall have a minimum of five members of the subscribers' advisory committee who are residents of this state.
A captive risk retention group formed as a reciprocal insurer shall have a minimum of five members of the subscribers’ advisory committee who are residents of this state.
A subscribers' agreement, or other organizational document of a captive company formed as a reciprocal insurer, shall authorize a quorum of a subscribers' advisory committee to consist of at least one-third of the number of members on the advisory committee.
A subscribers’ agreement, or other organizational document of a captive company formed as a reciprocal insurer, shall authorize a quorum of a subscribers’ advisory committee to consist of at least one-third of the number of members on the advisory committee.
An alien captive company must apply to the secretary of state for a certificate of authority for the alien captive company's branch captive company to transact business in this Senate File 549, p.
An alien captive company must apply to the secretary of state for a certificate of authority for the alien captive company’s branch captive company to transact business in this Senate File 549, p.
A branch captive company established under this chapter to write, in this state, only insurance or reinsurance of the employee benefit business of the branch captive company's parent and affiliated companies shall be subject to the federal Employee Retirement Income Security Act of 1974, 29 U.S.C.
A branch captive company established under this chapter to write, in this state, only insurance or reinsurance of the employee benefit business of the branch captive company’s parent and affiliated companies shall be subject to the federal Employee Retirement Income Security Act of 1974, 29 U.S.C.
A branch captive company shall not conduct any insurance business in this state unless the branch captive company maintains the principal place of business for the company's branch operations in this state.
A branch captive company shall not conduct any insurance business in this state unless the branch captive company maintains the principal place of business for the company’s branch operations in this state.
The commissioner's approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon retention, at the time of each payment, of capital and surplus in excess of the amounts specified by, or determined in accordance with, a formula approved by the commissioner by rule.
The commissioner’s approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon retention, at the time of each payment, of capital and surplus in excess of the amounts specified by, or determined in accordance with, a formula approved by the commissioner by rule.
Except as provided in paragraph b -, on or before April of each year, each captive company and each captive risk retention group shall submit to the commissioner a report on the company's financial condition as of December 31 of the preceding year, as verified by oath of two of the company's or group's executive officers.
Except as provided in paragraph “b”, on or before April 1 of each year, each captive company and each captive risk retention group shall submit to the commissioner a report on the company’s financial condition as of December 31 of the preceding year, as verified by oath of two of the company’s or group’s executive officers.
A captive company, other than a captive risk retention group, may apply to the commissioner to file the report required under paragraph -a- on a fiscal year-end basis.
A captive company, other than a captive risk retention group, may apply to the commissioner to file the report required under paragraph “a” on a fiscal year-end basis.
18 (1) Subject to subparagraph (2), the captive's company report shall be filed no later than ninety calendar days after the close of the company's fiscal year.
18 (1) Subject to subparagraph (2), the captive’s company report shall be filed no later than ninety calendar days after the close of the company’s fiscal year.
(2) Prior to April 1 , the captive company shall file a report covering the immediately preceding calendar year with the commissioner to provide sufficient information to support the captive company's premium tax return under section 432.1A.
(2) Prior to April 1, the captive company shall file a report covering the immediately preceding calendar year with the commissioner to provide sufficient information to support the captive company’s premium tax return under section 432.1A.
Each captive company shall use generally accepted accounting principles, unless the commissioner requires, approves, or accepts the use of statutory accounting principles or any other comprehensive accounting principles for the company's report.
Each captive company shall use generally accepted accounting principles, unless the commissioner requires, approves, or accepts the use of statutory accounting principles or any other comprehensive accounting principles for the company’s report.
The commissioner may require, approve, or accept any appropriate or necessary modifications of statutory accounting principles or other comprehensive accounting principles based on the type of insurance and kinds of insurers that are included in a captive company's report.
The commissioner may require, approve, or accept any appropriate or necessary modifications of statutory accounting principles or other comprehensive accounting principles based on the type of insurance and kinds of insurers that are included in a captive company’s report.
An actuarial opinion from a qualified actuary regarding the adequacy of the company's required reserves to make full provision for the company's liabilities, insured or reinsured, shall be included in the report.
An actuarial opinion from a qualified actuary regarding the adequacy of the company’s required reserves to make full provision for the company’s liabilities, insured or reinsured, shall be included in the report.
The qualified actuary shall submit a memorandum to the commissioner that details the qualified actuary's support for the actuarial opinion.
The qualified actuary shall submit a memorandum to the commissioner that details the qualified actuary’s support for the actuarial opinion.
All captive companies shall be audited annually by an independent certified public accountant and shall annually file the audited financial report with the commissioner on or before June 1, as a supplement to the annual report required under section 521J.7, subsection 1 .
All captive companies shall be audited annually by an independent certified public accountant and shall annually file the audited financial report with the commissioner on or before June 1, as a supplement to the annual report required under section 521J.7, subsection 1.
A captive company may be required to file a report on the captive company's financial condition on a semiannual, quarterly, monthly, or other basis as determined by the commissioner.
A captive company may be required to file a report on the captive company’s financial condition on a semiannual, quarterly, monthly, or other basis as determined by the commissioner.
Except for captive risk retention groups as provided under paragraph -c-, the commissioner may examine each captive company's compliance with this chapter, and may examine the affairs, transactions, accounts, records, and assets of each captive company as the commissioner deems necessary.
Except for captive risk retention groups as provided under paragraph “c”, the commissioner may examine each captive company’s compliance with this chapter, and may examine the affairs, transactions, accounts, records, and assets of each captive company as the commissioner deems necessary.
The commissioner shall upon the completion of an examination under paragraph a -, or at such regular intervals prior to completion of an examination as the commissioner determines, prepare an account of the costs incurred in performing and preparing the report of the examination which shall be charged to and paid by the captive company examined.
The commissioner shall upon the completion of an examination under paragraph “a”, or at such regular intervals prior to completion of an examination as the commissioner determines, prepare an account of the costs incurred in performing and preparing the report of the examination which shall be charged to and paid by the captive company examined.
C.
c.
Except as provided in subsection 3 , this section shall apply to all business written by a captive company.
Except as provided in subsection 3, this section shall apply to all business written by a captive company.
A captive company's certificate of authority to conduct the business of insurance in this state may be suspended or revoked by the commissioner for any of the following reasons:
A captive company’s certificate of authority to conduct the business of insurance in this state may be suspended or revoked by the commissioner for any of the following reasons:
Failure to comply with the captive company's own charter, bylaws, or other organizational document.
Failure to comply with the captive company’s own charter, bylaws, or other organizational document.
Use of methods that render the captive company's operation detrimental, or the company's condition unsound, with respect to the company's policyholders or to the public.
Use of methods that render the captive company’s operation detrimental, or the company’s condition unsound, with respect to the company’s policyholders or to the public.
If the commissioner finds upon examination, hearing, or other review that a captive company has committed an act specified in subsection 1 , the commissioner may suspend or revoke the company's certificate of authority if the commissioner deems it in the best interest of the public or of the policyholders of the captive company.
If the commissioner finds upon examination, hearing, or other review that a captive company has committed an act specified in subsection 1, the commissioner may suspend or revoke the company’s certificate of authority if the commissioner deems it in the best interest of the public or of the policyholders of the captive company.
If the commissioner does not revoke a captive company's certificate of authority during a suspension imposed by the commissioner under paragraph -a-, the company's certificate of authority may be reinstated if the commissioner finds that the cause of the suspension has been rectified.
If the commissioner does not revoke a captive company’s certificate of authority during a suspension imposed by the commissioner under paragraph “a”, the company’s certificate of authority may be reinstated if the commissioner finds that the cause of the suspension has been rectified.
521J.10 Excess workers' compensation insurance.
521J.10 Excess workers’ compensation insurance.
A captive company may provide excess workers' compensation insurance to the captive company's parent and affiliated companies unless the laws of the state that has jurisdiction over the transaction prohibits the captive company from providing excess workers' compensation insurance.
A captive company may provide excess workers’ compensation insurance to the captive company’s parent and affiliated companies unless the laws of the state that has jurisdiction over the transaction prohibits the captive company from providing excess workers’ compensation insurance.
A captive company may reinsure workers' compensation of a qualified self-insured plan of the captive company's parent and affiliated companies.
A captive company may reinsure workers’ compensation of a qualified self-insured plan of the captive company’s parent and affiliated companies.
The commissioner may, at the commissioner's discretion, provide notice to the public of a proposed merger prior to the commissioner's approval or disapproval of a merger.
The commissioner may, at the commissioner’s discretion, provide notice to the public of a proposed merger prior to the commissioner’s approval or disapproval of a merger.
( 1) The plan shall be fair and equitable to the shareholders in the case of a stock insurer, or to the policyholders in the case of a mutual insurer.
(1) The plan shall be fair and equitable to the shareholders in the case of a stock insurer, or to the policyholders in the case of a mutual insurer.
(2) ( a) In the case of a stock insurer, the plan provides for the conversion of the existing stockholder interests into subscriber interests in the resulting reciprocal insurer proportionate to the existing stockholder interests, and is approved by a majority of the shareholders who are entitled to vote, and who are represented at a regular or special meeting at which a quorum is present either in person or by proxy.
(2) (a) In the case of a stock insurer, the plan provides for the conversion of the existing stockholder interests into subscriber interests in the resulting reciprocal insurer proportionate to the existing stockholder interests, and is approved by a majority of the shareholders who are entitled to vote, and who are represented at a regular or special meeting at which a quorum is present either in person or by proxy.
521J.12 Captive insurance regulatory and supervision fund — appropriation.
521J.12 Captive insurance —— regulatory and supervision fund —— appropriation.
If a captive company's admitted assets total less than five million dollars, the commissioner may approve an investment of up to twenty percent of the captive company's admitted assets in rated credit instruments in any one investment that meets the requirements established by the commissioner by rule.
If a captive company’s admitted assets total less than five million dollars, the commissioner may approve an investment of up to twenty percent of the captive company’s admitted assets in rated credit instruments in any one investment that meets the requirements established by the commissioner by rule.
Any captive company may make loans to any of the captive company's affiliates with prior written approval of the commissioner, and each loan must be evidenced by a note in a form as approved by the commissioner by rule.
Any captive company may make loans to any of the captive company’s affiliates with prior written approval of the commissioner, and each loan must be evidenced by a note in a form as approved by the commissioner by rule.
Insurance by a captive company of any workers' compensation qualified self-insured plan of the captive company's parent and affiliates shall be deemed to be reinsurance under this chapter.
Insurance by a captive company of any workers’ compensation qualified self-insured plan of the captive company’s parent and affiliates shall be deemed to be reinsurance under this chapter.
The commissioner may require documents, financial information, or other evidence that such a reinsurance pool or exchange will be able to provide adequate security for the reinsurance pool's or Senate File 549, p.
The commissioner may require documents, financial information, or other evidence that such a reinsurance pool or exchange will be able to provide adequate security for the reinsurance pool’s or Senate File 549, p.
25 exchange's financial obligations.
25 exchange’s financial obligations.
The commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool or exchange that, in the commissioner's judgment, are necessary and proper to provide adequate security for the ceding captive company and for the protection and benefit of the public.
The commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool or exchange that, in the commissioner’s judgment, are necessary and proper to provide adequate security for the ceding captive company and for the protection and benefit of the public.
A captive company, a captive company's insureds, a captive company's parent, and any company affiliated with a captive company shall not receive any benefit from a plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive company.
A captive company, a captive company’s insureds, a captive company’s parent, and any company affiliated with a captive company shall not receive any benefit from a plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive company.
( 1) A protected cell captive company may establish one or more protected cells subject to the prior written approval of the commissioner of a plan of operation submitted by the protected cell captive company for each protected cell.
(1) A protected cell captive company may establish one or more protected cells subject to the prior written approval of the commissioner of a plan of operation submitted by the protected cell captive company for each protected cell.
(2) Upon the commissioner's approval of the protected cell captive company's plan of operation, the company, in accordance with the approved plan of operation, may attribute insurance obligations with respect to its insurance business to the protected cell.
(2) Upon the commissioner’s approval of the protected cell captive company’s plan of operation, the company, in accordance with the approved plan of operation, may attribute insurance obligations with respect to its insurance business to the protected cell.
Each protected cell shall have a distinct name or designation that must include the words "protected cell - .
Each protected cell shall have a distinct name or designation that must include the words “protected cell”.
Each protected cell of a protected cell captive company shall be treated as a captive insurance company under this chapter, except that the limit on maximum yearly aggregate taxes paid under section 432.1A, subsection 4 , shall not apply.
Each protected cell of a protected cell captive company shall be treated as a captive insurance company under this chapter, except that the limit on maximum yearly aggregate taxes paid under section 432.1A, subsection 4, shall not apply.
All attributions of assets and liabilities between a protected cell and the protected cell captive company's general account shall be in accordance with the plan of operation and the participant contracts as approved by the commissioner.
All attributions of assets and liabilities between a protected cell and the protected cell captive company’s general account shall be in accordance with the plan of operation and the participant contracts as approved by the commissioner.
27 a protected cell captive company between the protected cell captive company's general account and the company's protected cells.
27 a protected cell captive company between the protected cell captive company’s general account and the company’s protected cells.
A protected cell captive company may contract with or arrange for an investment adviser or other third party, approved by the commissioner, to manage the protected cell assets of a protected cell if all remuneration, expenses, and other compensation of the third party are paid from the protected cell assets of that protected cell, and not from the protected cell assets of other protected cells or the assets of the protected cell captive company's general account.
A protected cell captive company may contract with or arrange for an investment adviser or other third party, approved by the commissioner, to manage the protected cell assets of a protected cell if all remuneration, expenses, and other compensation of the third party are paid from the protected cell assets of that protected cell, and not from the protected cell assets of other protected cells or the assets of the protected cell captive company’s general account.
( 1) A protected cell captive company shall establish the administrative and accounting procedures necessary to properly identify each protected cell of the protected cell captive company, and the protected cell assets and protected cell liabilities attributable to each protected cell.
(1) A protected cell captive company shall establish the administrative and accounting procedures necessary to properly identify each protected cell of the protected cell captive company, and the protected cell assets and protected cell liabilities attributable to each protected cell.
(a) Maintaining the assets and liabilities of protected cells separately, and separately identifiable, from the assets and liabilities of the protected cell captive company's general account.
(a) Maintaining the assets and liabilities of protected cells separately, and separately identifiable, from the assets and liabilities of the protected cell captive company’s general account.
28 protected cell assets commingled with protected cell assets of other protected cells, or commingled with the assets of the protected cell captive company's general account.
28 protected cell assets commingled with protected cell assets of other protected cells, or commingled with the assets of the protected cell captive company’s general account.
A protected cell captive company shall not make a sale, exchange, or other transfer of assets among any of the company's protected cells without the consent of the participants of each affected protected cell.
A protected cell captive company shall not make a sale, exchange, or other transfer of assets among any of the company’s protected cells without the consent of the participants of each affected protected cell.
A protected cell shall not make a sale, exchange, transfer of assets, dividend, or distribution to a sponsor or to a participant without the commissioner's prior written approval, which shall not be given if the sale, exchange, transfer, dividend, or distribution will result in the insolvency or impairment of the protected cell.
A protected cell shall not make a sale, exchange, transfer of assets, dividend, or distribution to a sponsor or to a participant without the commissioner’s prior written approval, which shall not be given if the sale, exchange, transfer, dividend, or distribution will result in the insolvency or impairment of the protected cell.
A participant contract shall not take effect without the commissioner's prior written approval.
A participant contract shall not take effect without the commissioner’s prior written approval.
If a protected cell captive company's business is reinsured, with respect to each protected cell, the protected cell captive company shall comply with at least one of the following requirements:
If a protected cell captive company’s business is reinsured, with respect to each protected cell, the protected cell captive company shall comply with at least one of the following requirements:
(1) The amount of security provided by the trust fund shall not be less than the reserves associated with the liabilities that are not fronted or reinsured, including but not limited to reserves for losses that are allocated for loss adjustment expenses, incurred but not reported losses, and unearned premiums for business written through the participant's protected cell.
(1) The amount of security provided by the trust fund shall not be less than the reserves associated with the liabilities that are not fronted or reinsured, including but not limited to reserves for losses that are allocated for loss adjustment expenses, incurred but not reported losses, and unearned premiums for business written through the participant’s protected cell.
521J.18 Sponsors — qualifications.
521J.18 Sponsors —— qualifications.
30 commissioner's determination that the approval of such person as a sponsor is consistent with the purposes of this chapter.
30 commissioner’s determination that the approval of such person as a sponsor is consistent with the purposes of this chapter.
In evaluating the qualifications of a proposed sponsor, the commissioner shall consider the type and structure of the proposed sponsor entity, the sponsor's experience in financial operations, the sponsor's financial stability, the sponsor's business reputation, and any other factors deemed relevant by the commissioner.
In evaluating the qualifications of a proposed sponsor, the commissioner shall consider the type and structure of the proposed sponsor entity, the sponsor’s experience in financial operations, the sponsor’s financial stability, the sponsor’s business reputation, and any other factors deemed relevant by the commissioner.
If the sponsor consents and the commissioner has granted prior written approval, the assets of the protected cell captive company's general account may be used to pay any expenses or claims attributable solely to a protected cell or protected cells of the protected cell captive company.
If the sponsor consents and the commissioner has granted prior written approval, the assets of the protected cell captive company’s general account may be used to pay any expenses or claims attributable solely to a protected cell or protected cells of the protected cell captive company.
Notwithstanding section 521J.4, if the assets of the protected cell captive company's general account are used to pay expenses or claims attributed solely to a protected cell or protected cells of the protected cell captive company, the sponsor shall not be required to contribute additional capital and surplus to the protected cell captive company's general account.
Notwithstanding section 521J.4, if the assets of the protected cell captive company’s general account are used to pay expenses or claims attributed solely to a protected cell or protected cells of the protected cell captive company, the sponsor shall not be required to contribute additional capital and surplus to the protected cell captive company’s general account.
A protected cell captive company's capital and surplus Senate File 549, p.
A protected cell captive company’s capital and surplus Senate File 549, p.
A participant shall not be required to be a shareholder of a protected cell captive company, or of the protected cell captive company's affiliate.
A participant shall not be required to be a shareholder of a protected cell captive company, or of the protected cell captive company’s affiliate.
521J.21 Investments — combined assets.
521J.21 Investments —— combined assets.
The assets of two or more protected cells may be combined for the purpose of investment by a protected cell captive company, and combining the protected cells' assets shall not be construed as defeating the segregation of the assets for accounting or any other purpose.
The assets of two or more protected cells may be combined for the purpose of investment by a protected cell captive company, and combining the protected cells’ assets shall not be construed as defeating the segregation of the assets for accounting or any other purpose.
As used in this section, dormant captive company - means a captive company, other than a captive risk retention group, that meets all of the following:
As used in this section, “dormant captive company” means a captive company, other than a captive risk retention group, that meets all of the following:
The captive company does not have any remaining liabilities associated with its insurance business transactions or insurance policies issued prior to the captive company's filing of an application for a certificate of dormancy under subsection 2.
The captive company does not have any remaining liabilities associated with its insurance business transactions or insurance policies issued prior to the captive company’s filing of an application for a certificate of dormancy under subsection 2.
(2) Within ninety calendar days of the dormant captive company's fiscal year end, the company shall annually submit to the commissioner a report on the company's financial condition, verified by oath of two of the company's executive officers, in the form and manner as established by the commissioner by rule.
(2) Within ninety calendar days of the dormant captive company’s fiscal year end, the company shall annually submit to the commissioner a report on the company’s financial condition, verified by oath of two of the company’s executive officers, in the form and manner as established by the commissioner by rule.
(3) The dormant captive company shall pay an annual one thousand dollar dormancy tax, due on or before March 1 , if for any portion of the immediately preceding calendar year the captive company held a certificate of dormancy.
(3) The dormant captive company shall pay an annual one thousand dollar dormancy tax, due on or before March 1, if for any portion of the immediately preceding calendar year the captive company held a certificate of dormancy.
A dormant captive company is not otherwise liable for any annual renewal as provided in section 521J.2, subsection 4 , paragraph b".
A dormant captive company is not otherwise liable for any annual renewal as provided in section 521J.2, subsection 4, paragraph “b”.
In the commissioner's Senate File 549, p.
In the commissioner’s Senate File 549, p.
Prior to a dormant captive company issuing an insurance policy, the dormant captive company shall apply to the commissioner for approval to surrender the company's certificate of dormancy and to resume conducting the business of insurance.
Prior to a dormant captive company issuing an insurance policy, the dormant captive company shall apply to the commissioner for approval to surrender the company’s certificate of dormancy and to resume conducting the business of insurance.
A dormant captive company's certificate of dormancy shall be revoked if the company violates this section.
A dormant captive company’s certificate of dormancy shall be revoked if the company violates this section.
521J.23 Workers' compensation — compliance with state and federal laws.
521J.23 Workers’ compensation —— compliance with state and federal laws.
This chapter shall not be construed to exempt a captive company, a captive company's parent, or a captive company's affiliated companies from compliance with applicable state and federal laws governing workers' compensation insurance.
This chapter shall not be construed to exempt a captive company, a captive company’s parent, or a captive company’s affiliated companies from compliance with applicable state and federal laws governing workers’ compensation insurance.
This chapter shall not be construed to divest the division of workers' compensation of any jurisdiction, as authorized by law, over workers' compensation self-insurance plans.
This chapter shall not be construed to divest the division of workers’ compensation of any jurisdiction, as authorized by law, over workers’ compensation self-insurance plans.
Unless otherwise approved by the commissioner, a captive company shall maintain the captive company's original books, records, documents, accounts, vouchers, and agreements in this state and make them available for examination and inspection by the commissioner as requested by the commissioner.
Unless otherwise approved by the commissioner, a captive company shall maintain the captive company’s original books, records, documents, accounts, vouchers, and agreements in this state and make them available for examination and inspection by the commissioner as requested by the commissioner.
All books, records, documents, accounts, vouchers, and agreements shall be kept in a manner that the commissioner can readily ascertain the captive company's financial condition, affairs, and operations;
All books, records, documents, accounts, vouchers, and agreements shall be kept in a manner that the commissioner can readily ascertain the captive company’s financial condition, affairs, and operations;
can readily verify the captive company's financial statements;
can readily verify the captive company’s financial statements;
and can confirm the captive company's compliance with this chapter.
and can confirm the captive company’s compliance with this chapter.
34 destruction or other disposition.of the books, records, documents, accounts, vouchers, and agreements.
34 destruction or other disposition of the books, records, documents, accounts, vouchers, and agreements.
521J.26 Risk management of controlled unaffiliated business — standards.
521J.26 Risk management of controlled unaffiliated business —— standards.
Chapter 521G, Code 2023, is repealed effective January 1 , 2025.
Chapter 521G, Code 2023, is repealed effective January 1, 2025.
The following applies January 1 , 2025, to protected cell captive companies formed, authorized, or continued on or after that date:
The following applies January 1, 2025, to protected cell captive companies formed, authorized, or continued on or after that date:
AMY SINCLAIR PAT'GRASSLEY President of the Senate Speaker of • e House I hereby certify that this bill originated in the Senate and is known as Senate File 549, Ninetieth General Assembly.
______________________________ ______________________________ AMY SINCLAIR PAT GRASSLEY President of the Senate Speaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 549, Ninetieth General Assembly.
W.
______________________________ W.
CHARLES SMITHSO'É Secretary of the Senate Approved •u ,• ` 2023 KIM REYNOLDS Governor
CHARLES SMITHSON Secretary of the Senate Approved _______________, 2023 ______________________________ KIM REYNOLDS Governor
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Amendments

4 amendments

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Action History

  1. Signed by Governor.

  2. Fiscal note.

  3. Reported correctly enrolled, signed by President and Speaker, and sent to Governor.

  4. Message from Senate.

  5. Immediate message.

  6. Passed Senate, yeas 49, nays 0.

  7. Senate concurred with S-3127.

  8. Fiscal note.

  9. Message from House, with amendment S-3127.

  10. Immediate message.

  11. Passed House, yeas 99, nays 0.

  12. Amendment H-1211 adopted, as amended.

  13. Amendment H-1239 to amendment H-1211 adopted.

  14. Amendment H-1239 filed.

  15. Amendment H-1211 filed.

  16. Placed on Ways and Means calendar.

  17. Committee report, recommending passage.

  18. Subcommittee recommends passage. Vote Total: 3-0.

  19. Subcommittee Meeting: 04/04/2023 12:00PM RM 304.

  20. Subcommittee: Lundgren, Croken and Thompson, P.

  21. Fiscal note.

  22. Read first time, referred to Ways and Means.

  23. Message from Senate.

  24. Immediate message.

  25. Passed Senate, yeas 47, nays 0.

  26. Amendment S-3073 filed, adopted.

  27. Committee report, approving bill.

  28. Introduced, placed on Ways and Means calendar.

Sponsors

  • COMMITTEE ON WAYS AND MEANS · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

  • COMMITTEE ON WAYS AND MEANS

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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