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90th General Assembly · Funnel one-pager · Monday, November 9, 2026

SF 424: Relating to captive insurance companies, and including applicability provisions

Became SF 509 · Its progress continues under the new number.

What it does

This bill is related to captive insurance companies. “Captive company” is defined in the bill as any pure captive insurance company, association captive insurance company, protected cell captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or authorized under the bill. The bill requires each captive company to pay on or before March of each year a tax on the direct premiums collected or contracted for on policies or contracts of insurance written by the captive company during the immediately preceding calendar year, after making deductions from the direct premiums via methodology detailed in the bill to determine the appropriate tax that is due.

Sponsors

Not listed

Cost

See the fiscal note

The introduction of captive insurance companies to the State and the tax on premiums of captive insurance will increase General Fund revenue; however, the amount cannot be determined. The Bill also reduces the applicable percent for the net taxable premiums, w…

Senate subcommittee · named February 28, 2023

  • Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
  • Sen. Janet Petersen (D) · janet.petersen@legis.iowa.gov
  • Sen. David D. Rowley (R) · david.rowley@legis.iowa.gov

Lobbying · 11 for, 0 against

For: American Property Casualty Insurance Association (APCIA); Delta Dental of Iowa; Federation of Iowa Insurers; Grinnell Mutual Reinsurance Company; Iowa Association of Business and Industry (ABI); Iowa Insurance Associates; Iowa Insurance Institute; Iowa Taxpayers Association; Mutual Insurance Association of Iowa; Nationwide Mutual Ins. Co.; Wellmark, Inc.

In plain words

  1. February 27, 2023Filed in the Senate and sent to the Commerce committee
  2. February 28, 2023Senate subcommittee named: Bousselot, Petersen and Rowley
  3. March 2, 2023Subcommittee recommended passing it
  4. March 2, 2023Approved by the Senate committee, and given a new number: SF 509

From public records at legis.iowa.gov, compiled by Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Monday, November 9, 2026. https://iowafunnel.com/bills/90/SF424