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

This bill updates Iowa's laws regarding captive insurance and life captive reinsurance companies to clarify definitions, registration procedures, and the scope of insurance products they can offer. It establishes specific rules for different types of captives, such as protected cell and special purpose companies, and requires applicants to submit detailed financial statements and organizational documents before receiving authority to operate. The legislation also strengthens privacy protections for tax returns filed by these entities, making it a serious crime for state officials to publish them while allowing information sharing with federal and other state authorities for regulatory purposes. Additionally, the bill modifies how the secretary of state acknowledges the filing of incorporation documents for these specialized insurance companies.