IA SF2446

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 face a serious misdemeanor charge and mandatory dismissal or discharge 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 pursuant to agreements with Iowa's Commissioner of Insurance.

The bill expands corporate domestication provisions (Section 490.905) to explicitly include captive companies operating under Chapter 521J alongside life insurance and other insurance companies.

Definitions in Chapter 521J are amended to clarify that "captive company" excludes life captive reinsurance companies, and "business entity" means any legal entity permitted under Iowa law excluding sole proprietorships.