This text of Iowa § 507A.9 (Premium tax on unauthorized insurers) 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.
1.For all premiums collected during the calendar year, except premiums on lawfully
procured surplus lines insurance, every unauthorized insurer shall pay to the commissioner
of insurance before March 1, next succeeding the calendar year in which the insurance
was so effectuated, continued, or renewed a premium tax on gross premiums charged for
such insurance on subjects resident, located, or to be performed in this state equal to the
applicable percent, as provided in section 432.1. Such insurance whether procured through
negotiation or an application, in whole or in part occurring or made within or outside of
this state, or for which premiums in whole or in part are remitted directly or indirectly from
within or outside of this state, shall be deemed to be insurance procured or continued
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1. For all premiums collected during the calendar year, except premiums on lawfully
procured surplus lines insurance, every unauthorized insurer shall pay to the commissioner
of insurance before March 1, next succeeding the calendar year in which the insurance
was so effectuated, continued, or renewed a premium tax on gross premiums charged for
such insurance on subjects resident, located, or to be performed in this state equal to the
applicable percent, as provided in section 432.1. Such insurance whether procured through
negotiation or an application, in whole or in part occurring or made within or outside of
this state, or for which premiums in whole or in part are remitted directly or indirectly from
within or outside of this state, shall be deemed to be insurance procured or continued in
this state. The term “premium” includes all premiums, membership fees, assessments, dues,
and any other consideration for insurance. If the tax prescribed by this section is not paid
within the time stated, the tax shall be increased by a penalty of twenty-five percent and by
the amount of an additional penalty computed at the rate of one percent per month or any
part thereof from the date such payment was due to the date paid.
2. If the policy covers risks or exposures only partly in the state, the tax payable shall
be computed on the portions of the premium which are properly allocable to the risks or
exposures located in the state. In determining the amount of premiums taxable in this
state, all premiums written, procured, or received in this state and all premiums on policies
negotiated in this state shall be deemed written on property or risks located or resident in
this state, except such premiums as are properly allocated or apportioned and reported as
taxable premiums of any other state or states.
3. The attorney general, upon request of the commissioner of insurance, shall proceed in
the courts of this state or any other state or in any federal court or agency to recover such tax
not paid within the time prescribed in this section.