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IA HSB756

SB

Official Source

Status

Introduced

2/25/2026

Primary Sponsor

Ways and Means

Click for details

Origin

House of Representatives

91st General Assembly

AI Summary

  • Tax returns filed by captive insurance companies and life captive reinsurance companies are exempt from public inspection under Iowa's open records law (Chapter 22).
  • State officers or employees who willfully or recklessly publish these tax returns commit a serious misdemeanor and face mandatory dismissal from state employment.
  • The Department of Revenue may share tax return information with the U.S. Secretary of the Treasury or insurance commissioners from other states under formal agreements.
  • Captive insurance companies operating under Chapter 521J are now explicitly included in corporate domestication procedures under Section 490.905.
  • The bill establishes a new subchapter framework for life captive reinsurance companies, distinguishing them from general captive insurance companies in regulatory definitions.

Legislative Description

A bill for an act relating to captive insurance companies and life captive reinsurance companies, and including civil penalties.

Last Action

Subcommittee recommends passage.

3/3/2026

Committee Referrals

Ways and Means2/25/2026

Full Bill Text

No bill text available