Iowa § 432A.6 Computation of tax on ocean marine insurance profit

Iowa Statutes

§ 432A.6 — Computation of tax on ocean marine insurance profit

Iowa § 432A.6

Title XFINANCIAL RESOURCES

Ch. 432AMARINE INSURANCE TAX

This text of Iowa § 432A.6 (Computation of tax on ocean marine insurance profit) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 432A.6 (2026).

Text

In determining the amount of the tax imposed by this chapter, the taxable underwriting profit of such insurer on such ocean marine insurance business written within this state, shall be ascertained as follows:

1.In the case of every such insurer which has written any such business within this state during three calendar years immediately preceding the year in which such taxes were payable, the taxable underwriting profit shall be determined by adding or subtracting, as the case may be, the underwriting profit or loss on all such insurance written within the United States, ascertained as hereinbefore provided, for each of such three years and dividing by three.

2.In the case of every such insurer other than as specified in subsection 1 such taxable underwriting profit, if any, shall be th

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In determining the amount of the tax imposed by this chapter, the taxable underwriting
profit of such insurer on such ocean marine insurance business written within this state, shall
be ascertained as follows:
1. In the case of every such insurer which has written any such business within this
state during three calendar years immediately preceding the year in which such taxes were
payable, the taxable underwriting profit shall be determined by adding or subtracting, as the
case may be, the underwriting profit or loss on all such insurance written within the United
States, ascertained as hereinbefore provided, for each of such three years and dividing by
three.
2. In the case of every such insurer other than as specified in subsection 1 such
taxable underwriting profit, if any, shall be the underwriting profit, if any, on such ocean
marine insurance business written within this state during the taxable year, ascertained
as hereinbefore provided, but after such insurer has written such ocean marine insurance
business within this state during three calendar years, an adjustment shall be made on the
three-year average basis by ascertaining the amount of tax payable in accordance with
subsection 1.