Captive Premium Tax, Fees, and Minimum Required Capital
* Minimum premium tax is $5,000 and maximum premium tax is $100,000. ** No maximum premium tax is applicable to protected cell captives. *** Premium tax filings are due March 1.
Iowa Captive Insurance Company Premium Tax Rates
In Millions
Direct Premium Tax Rate
Assumed Premium Tax Rate
$0 - $20
0.35%
0.20%
$20 - $40
0.25%
0.125%
$40 - $60
0.25%
0.045%
$60+
0.25%
0.02%
* Minimum premium tax is $5,000 and maximum premium tax is $100,000. ** No maximum premium tax is applicable to protected cell captives. *** Premium tax filings are due March 1.
Captive Company Fees
Captive Company Fees
Certificate of Authority Application Fee
$200
Annual Renewal Registration Fee
$300
* These fees apply to each captive, each individual series of members of a limited liability company, and each protected cell. ** Outside legal, financial, and examination services may be utilized, and the reasonable cost may be charged to the applicant.
Minimum Required Capital
Minimum Required Capital and Surplus by Captive Type:
Pure Captive
$250,000
Industrial Insured Captive
$500,000
Protected Cell Captive*
$500,000
Risk Retention Group
$500,000
Branch Captive
The same as required above for the organizational form of the alien captive.
Captive Reinsurance Company
50% of the capital required above for the organizational form of the captive
Special Purpose Captive
Determined after considering the business plan, feasibility study, pro forma documents, and the nature of the risk.
* The minimum required capital and surplus for a protected cell captive that does not assume any risks, the risk insured by the protected cells are homogenous, and there are not more than ten cells may be reduced to $250,000.
Contact Us
For more information about Captive Insurance in Iowa, please contact our Captive Director, Jeff Wilson at captive@iid.iowa.gov
