Basic steps required to form a Captive Insurance Company in Iowa

The decision to form a captive insurance company is not a simple one.  In Iowa, we try to make the process as smooth as possible by being responsive, consistent, transparent and fair.

  1. Contact the Iowa Captive Insurance Director to discuss your proposal and key issues that may affect your application and licensing process.  Jeff Wilson is the Captive Insurance Director.  You may email him at jeff.wilson@iid.iowa.gov or call him at (515) 654-6651.
  2. Select a name for the proposed captive.  A captive company shall not adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name already registered in Iowa.  The state does not allow the use of fictitious names.
  3. Select an approved captive manager from the Iowa approved captive management firms list. Our approved captive insurance managers have demonstrated expertise, experience, character, and services available to ensure compliance with our regulatory requirements.
  4. Prepare for organization or incorporation in Iowa.  Advice from a local attorney may be beneficial at this point in the process. Organizational documents (e.g., articles) must be approved by the Iowa Insurance Division prior to filing with the Iowa Secretary of State.
  5. Prepare the documents associated with the captive application process.  The list below includes those items generally required. Additional details are contained within the Application to Form a Captive Company that is available on our website.
    1. Application to Form a Captive Company
    2. Biographical affidavits of captive officers and directors
    3. Organizational documents
    4. Actuarial feasibility study
    5. Financial condition statements
    6. Detailed business plan   
    7. Policy forms and reinsurance agreements
    8. Irrevocable letter of credit form, if used
    9. Parent financials if a pure captive
    10. Uniform Consent to Service of Process

  6. Submit the items from step 5 to the Iowa Insurance Division.  We will accept original ink signatures on hard copy documents or authenticated electronic, scanned, or photocopied signatures that comply with Iowa Code sections 554D.103(8) and 554D.111.  Please email us at captive@iid.iowa.gov to request a secure ShareFile link.  Any items with an original ink signature should be mailed to us at:

    IID – Captive Insurance
    1963 Bell Avenue, Suite 100
    Des Moines, IA 50315

  7. Present the final organizational documents from step 4 along with a $200 check  payable to the Iowa Insurance Division for the registration fee and a second check made payable to the Iowa Secretary of State.  We will provide you with the specific dollar amount for the Iowa Secretary of State check as it varies depending upon the type of organizational filing.
  8. Place sufficient capital as agreed upon in the captive and provide evidence of deposit to the Iowa Insurance Division.
  9. Upon completion of the independent actuarial feasibility opinion, the applicant will be invoiced for the cost of this service. 
  10. The Iowa Captive Insurance Division will notify you when the Certificate of Authority from the commissioner has been approved and granted.