Iowa welcomes redomestications of captive insurance companies from other captive insurance domiciles both from the United States and offshore.
Pre-Application
- Contact the Iowa Captive Insurance Director, Jeff Wilson, to discuss the captive’s business plan, the ownership structure, and the reason for the redomestication request. You may email him at jeff.wilson@iid.iowa.gov or call him at (515) 654-6651.
- Some foreign/alien jurisdictions may not have redomestication laws allowing you to redomicile the existing entity to Iowa. In these cases, the foreign/alien captive has the option to redomesticate to Iowa through a merger process, in which it would set up an Iowa captive and merge the foreign/alien captive entity into the Iowa captive.
- Financial information that may meet the requirements of a redomestication include the most recent examination report, audited financials, and/or the three (3) most recently filed year-ending and most recently filed quarterly financial statements.
- Obtain a letter from the alien or foreign state of domicile stating that it has no objection to the redomestication and stating there are no open regulatory issues.
- Provide draft amended organizational documents (e.g., articles) to captive@iid.iowa.gov for review and approval by the Iowa Insurance Division (“IID”). Do not file with the Secretary of State—we will file (with the Commissioner Certificate of Approval attached) after the Application has been submitted.
- Have your captive manager, actuary, and CPA be approved (if not already approved service providers) by the IID.
Application
Application to Form a Captive Company.
Submit the Application and following documents with original ink signatures on hard copy documents or with authenticated electronic, scanned, or photocopied signatures that comply with Iowa Code sections 554D.103(8) and 554D.111 (such as DocuSign or Adobe). Please email us at captive@iid.iowa.gov to request a secure ShareFile link, and documents mailed or delivered should go to:
IID – Captive Insurance
1963 Bell Avenue, Suite 100
Des Moines, IA 50315
These documents (and checks mentioned below) should be submitted with the Application:
- Letter from the alien or foreign state of domicile stating that it has no objection to the redomestication and stating there are no open regulatory issues.
- Biographical affidavits of captive directors and officers (one director must be an Iowa resident)
- Amended organization documents (e.g., articles) as pre-approved by the IID (wet ink signature only so that IID can file with SOS)
- Certified copy of bylaws or operating agreement, as applicable
- Most recent actuarial opinion
- Financial statements
- Policy forms, reinsurance agreements, and any fronting agreements
- Most recent examination report
- Parent financials (if a pure captive)
- Copies of any letters of credit
- Detailed business plan, including an organizational depiction (ideally in the format of a flow chart) showing the various executive management, directors and officers and related material functions that require internal control oversight of the captive company, with the name/official title of those responsible for those office/functions and the portions of the organization they oversee (e.g., underwriting, claims).
Along with a $200 check payable to the Iowa Insurance Division for the registration fee for the Application, please submit the amended organizational documents (e.g., articles) with original ink signature on hard copy mailed/delivered to our office along with a second check made payable to the Iowa Secretary of State (we will provide you with the specific dollar amount as it varies depending on the type of filing). The IID will file the amended organizational documents with the SOS.
Post-Application
Once the amended organizational documents are approved by the SOS, the captive company will submit the following (wet ink or authenticated as indicated in previously):
- Signed Consent to Service of Process (UCAA Form 12) and certified resolution of adoption of page 4 of Form 12
- Certified resolution of adoption of conflict of interest satisfying Iowa Admin. Code 191—113.17(1), and resolution language.
- Irrevocable letter of credit (if applicable), which must follow the template language.
- Statement under oath of an officer of the business entity showing the entity’s financial condition, and statement language.
The captive company should place sufficient capital as agreed upon in the captive and provide evidence of deposit to the IID.
Issuance of Certificate of Authority
The Iowa Insurance Division will notify you when the Certificate of Authority from the Commissioner has been approved.