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Senate updates captive‑insurance code and redomesticates companies via House File 2766
Summary
Senate File 2499 was substituted with House File 2766 to update Iowa's captive‑insurance law. Senators described the bill as technical updates to strengthen the state's captive‑insurer framework and to allow industry growth; amendments were adopted and the bill passed the Senate.
Senators moved to update Iowa's captive‑insurance code by substituting House File 2766 for Senate File 2499. Senator Bussello (recognized for the bill) described the measure as a set of technical updates to help the burgeoning captive‑insurance industry grow in Iowa.
A technical amendment (Senate Amendment 5204) was adopted — described as replacing the term "domesticates" with "redomesticates" to reflect companies moving from one state to another — and proponents said the changes would strengthen the law and encourage growth. After adoption of the amendment and final reading, the Senate passed the measure; the secretary recorded the passage with no recorded nays on the final votes in the transcript.
What happens next: With passage, the clerk will message the House and sponsors said the bill updates state law to better support captive insurance activity in Iowa.
