A bill for an act relating to captive insurance companies and life captive reinsurance companies, and including civil penalties.

This bill (SF 2446) strengthens privacy protections for tax returns filed by captive insurance and life captive reinsurance companies in Iowa. It prohibits state employees from inspecting or disclosing these returns (Section 1, Section 2), imposing serious misdemeanor penalties including dismissal from state employment for violations. The bill also allows the Iowa Department of Revenue to share such information with federal tax authorities or other states under existing agreements (Section 1, Section 2). These provisions directly affect captive insurance companies operating in Iowa and state employees handling their tax filings.