Iowa is looking to employ its first captive insurance director, following the passing of its captive legislation in April.
The captive insurance director of the Insurance Division will be responsible for implementation and administration of new regulatory responsibilities enacted by the Iowa State Legislature in Senate File 549.
On April 24, the Iowa Senate unanimously passed Senate File 549 as amended, “a bill for an act relating to captive insurance companies,” which the House passed earlier in April.
Captive Intelligence reported in June that Iowa was likely to become the next US state to embrace captives, making it the 36th US jurisdiction to adopt captive legislation (including the District of Columbia).
SF 549 authorises the formation of pure, association, protected cell, special purpose and industrial insured captives.
When the bill was passed, it was noted that the state will have specified captive insurance regulators, and the Insurance Division will establish a captive insurance bureau.
In October, the Texas Department of Insurance (TDI) re-hired Robert Rudnai as a captive specialist, where he will be responsible for licensing and monitoring Texas-domiciled captives.