Iowa Code § 521J.18

A sponsor of a protected cell captive company may be any person approved by the commissioner, based on the commissioner’s determination that the approval of such person as a sponsor is consistent with the purposes of this chapter. In evaluating the qualifications of a proposed sponsor, the commissioner shall consider the type and structure of the proposed sponsor entity, the sponsor’s experience in financial operations, the sponsor’s financial stability, the sponsor’s business reputation, and any other factors deemed relevant by the commissioner. A risk retention group shall not be a sponsor of a protected cell captive company.