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

SSB 3002: SSB 3002

Became SF 2397 · Its progress continues under the new number.

What it does

This bill relates to the calculation of the amount of reinsurance tax (tax) due from a captive company. _____ reinsurance premiums collected after the first $40 million of assumed reinsurance premiums from percent on each dollar to forty-five thousandths of percent. The bill creates a new tier of reinsurance tax due on each dollar of assumed reinsurance premiums after the first $60 million of assumed reinsurance premiums in the amount of twenty thousandths of percent of each dollar. The bill takes effect upon enactment.

Sponsors

Not listed

Cost

See the fiscal note

0 million annually. 1% reduction. 6% reduction. There are not currently any reinsurance premium taxes collected on captive insurance companies; therefore, the fiscal impact to the State cannot be determined.

Senate subcommittee · named January 11, 2024

  • 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 · 1 for, 0 against

For: Iowa Insurance Division

In plain words

  1. January 9, 2024Filed in the Senate and sent to the Ways and Means committee
  2. January 9, 2024Senate subcommittee named: Bousselot, Petersen and Rowley
  3. January 23, 2024Subcommittee recommended passing it with changes
  4. February 22, 2024Approved by the Senate committee, and given a new number: SF 2397

From public records at legis.iowa.gov, compiled by Iowa Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Monday, November 9, 2026. https://iowafunnel.com/bills/90/SSB3002