Jeff Wilson, CPCU, ARe, captive insurance director at the Iowa Insurance Division, stated, "Our commitment is to provide a regulatory environment that is consistent, efficient, collaborative, and responsive. We aim not only to be a domicile of choice but also a trusted resource in supporting the long-term success of the captives that call Iowa home."
"SF 549 brings captives to a jurisdiction that already boasts a large and sophisticated insurance industry," the law firm Womble Bond Dickinson said in an advisory note. "With a modern, competitive bill that is comparable in many ways to the captive statutes of other jurisdictions, including with respect to premium taxes and fees, dedicated captive regulators and a robust underlying insurance industry, Iowa will be a captive domicile to watch."
While Iowa's captive sector is still in its early stages, the issuance of its first certificate of authority in 2025 marks its official entry as an active captive domicile. Combined with a strong insurance tradition, a competitive statutory framework, and a proactive regulatory approach, Iowa is well positioned to become an appealing choice for captive insurance companies in the Midwest and beyond. Captive statistics and additional updates are expected as the program develops.
Strategic Risk Solutions (SRS) was among the first to work directly with the Iowa Insurance Division during this initial licensing phase. "Collaborating with Jeff Wilson and his team to establish the first Iowa captive was a seamless experience," said Daylan Staude, Strategic Risk Solutions. "Their unwavering professionalism, steadfast dedication, and approachable demeanor transformed what could have been a complex process into a remarkably smooth and enjoyable journey."
Andrew Marson, also of Strategic Risk Solutions, added, "From the initial call to introduce the Iowa Insurance Department to the SRS team to the issuance of the first license in Iowa, Jeff and his colleagues were approachable, friendly, and open to ideas and feedback. The application process was straightforward and efficient, questions were answered swiftly and effectively with open communication. I look forward to working with Jeff and the Iowa Department for many years to come."
T.J. Scherer, vice president at Spring Consulting Group, noted, "Iowa is in a unique position. Within the Midwest, it serves as an insurance hub, yet it is also competing with 35 other states as a captive domicile, having only recently entered the space," he said. By aligning its statutes and operations with other leading jurisdictions, he explained, Iowa is well-positioned to attract both new captive formations and redomestications, particularly from Iowa-based companies.
"One of Iowa's key advantages from the onset is its staffing," Mr. Scherer added. "Rather than simply passing legislation and waiting to see if companies would show interest, Iowa proactively brought on qualified individuals as it established itself as a domicile. This dedicated infrastructure should enable the application process to function similarly to that of more established domiciles, benefiting both applicants and service providers." He concluded, "It will be exciting to watch Iowa's progress in the captive insurance space."
Joe Streck, AVP of Consulting and Management at Innovative Captive Strategies, emphasized, "Iowa has long been a respected insurance hub. It was only natural, then, that the state recently passed captive legislation, assembling a top-notch regulatory team tailored to the unique needs of captive insurers.
"With a longstanding, established presence in the insurance industry, pro-business climate, and an experienced and responsive regulatory team, Iowa is well positioned to be a premier domicile and innovator in the ever-evolving insurance industry," he said.
