Iowa § 432A.3 Profit within United States

Iowa Statutes

§ 432A.3 — Profit within United States

Iowa § 432A.3

Title XFINANCIAL RESOURCES

Ch. 432AMARINE INSURANCE TAX

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Bluebook

Iowa Code § 432A.3 (2026).

Text

The underwriting profit of such insurer on such insurance written within the United States shall be determined by deducting from the net earned premiums on such ocean marine insurance written within the United States during the taxable year which is the calendar year preceding the date on which such tax is due, the following items:

1.Net losses incurred, which means gross losses incurred during such calendar year under ocean marine insurance contracts written within the United States, less reinsurance claims collected or collectible and less net salvages or recoveries collected or collectible from any source applicable to the corresponding losses under such contracts.

2.Net expenses incurred in connection with such ocean marine contracts, including all state and federal taxes in connecti

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The underwriting profit of such insurer on such insurance written within the United States
shall be determined by deducting from the net earned premiums on such ocean marine
insurance written within the United States during the taxable year which is the calendar
year preceding the date on which such tax is due, the following items:
1. Net losses incurred, which means gross losses incurred during such calendar year
under ocean marine insurance contracts written within the United States, less reinsurance
claims collected or collectible and less net salvages or recoveries collected or collectible
from any source applicable to the corresponding losses under such contracts.
2. Net expenses incurred in connection with such ocean marine contracts, including all
state and federal taxes in connection therewith, but in no event shall the aggregate amount of
such net expenses deducted exceed forty percent of the net premiums on such ocean marine
insurance contracts, ascertained as provided in section 432A.4.
3. Net dividends paid or credited to policyholders on such ocean marine insurance
contracts.