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IA SSB3179
SB
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 face serious misdemeanor charges and 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 through formal agreements.
- The bill expands Iowa's corporate domestication statute (Section 490.905) to explicitly apply to captive companies operating under Chapter 521J.
- Definitions in the captive insurance statute are updated, including clarifying that "business entity" means any legal entity permitted under Iowa law and that "captive company" excludes life captive reinsurance companies.
Legislative Description
A bill for an act relating to captive insurance companies and life captive reinsurance companies, and including civil penalties.(See SF 2446.)
Last Action
Committee report approving bill, renumbered as SF 2446.
2/19/2026
Committee Referrals
Commerce2/17/2026
Full Bill Text
No bill text available