| 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 | |
|---|---|
| Certificate of Authority Licensing Fee | $200 |
| Application Registration Fee | $300 |
| Annual Renewal Registration Fee (due April 1) | $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 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.