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.
  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.
  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 electronically to captive@iid.iowa.gov.   
  7. Present the items from step 4 to the Iowa Secretary of State’s Office along with fees required to organize or incorporate the captive.  Additional information is available on the Iowa Secretary of State website:  https://sos.iowa.gov/business/FormsAndFees.html
  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.