§ 515I.10 — Independently procured surplus lines insurance — premium tax — penalty

Iowa § 515I.10

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 515I: SURPLUS LINES INSURANCE

Text

1. When this state is the home state of the insured, a person who directly procures,
continues, or renews a surplus lines insurance policy or contract independently and without
using a surplus lines insurance producer on properties, risks, or exposures located or to be
performed in whole or in part in this state shall file a written report regarding the transaction
with the commissioner, in a manner and method as directed by the commissioner by rule.
2. When this state is the home state of the insured, each person who has independently
procured a surplus lines insurance policy or contract shall pay a premium tax at a rate
appropriate to the amount of premium tax equal to the applicable percent, as provided in
section 432.1. The tax shall be remitted via a method and schedule and in a manner as
directed by the commissioner by rule.
3. The commissioner may assess a penalty of one percent of the delinquent amount of
taxes owed per month as specified in section 507A.9.