On Apr. 17, IOW INS proposed rule on captive insurance companies.
IOW INS published adopted rule on captive insurance companies in State Register.
New Chapter established rules and procedures for administration of captive companies.
Rule Provisions
IOW INS 191-113 provides the financial, reporting, recordkeeping, other requirements that the IOW INS deems to be necessary for the regulation of captive companies.
Captive insurance firm shall file annual report of financial condition with commissioner.
Report shall be verified by oath of at least 2 executive officers of the captive company.
All firms shall have annual audit by independent certified public accountant, approved by commissioner, shall file audited financial report before Jun. 1 for preceding year.
Firms to submit annual statement of actuarial opinion by qualified actuary, with firm's loss reserves and loss expense reserves or life and health policy and claim reserves.
Captive companies shall, within 90 days, report to the commissioner in writing name and address of the independent certified public accountant to conduct annual audit.
Effectiveness
Rulemaking adopted on Mar. 28, 2024, will become effective on May 22, 2024.
Regulators
IOW INS
Entity Types
Auditor; Corp; Ins
Reference
IOW SR Vol. XLVI, No. 21, p. 8527, ARC 7869C, 4/17/2024; RF, 3/28/2024; Citation: IOW INS 191-113;
