Iowa § 515I.3 Placement of surplus lines insurance business with nonadmitted insurers and domestic surplus lines insurers

Iowa Statutes

§ 515I.3 — Placement of surplus lines insurance business with nonadmitted insurers and domestic surplus lines insurers

Iowa § 515I.3

Title XIIICOMMERCE

Ch. 515ISURPLUS LINES INSURANCE

This text of Iowa § 515I.3 (Placement of surplus lines insurance business with nonadmitted insurers and domestic surplus lines 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.

Bluebook

Iowa Code § 515I.3 (2026).

Text

domestic surplus lines insurers.

1.Surplus lines insurance may be placed by a surplus lines insurance producer with a nonadmittedinsurerordomesticsurpluslinesinsureronlyifallofthefollowingrequirements are met:

a.The proposed nonadmitted insurer or domestic surplus lines insurer is an eligible surplus lines insurer.

b.The proposed nonadmitted insurer or domestic surplus lines insurer is authorized to write the type of insurance sought in this state in its domiciliary jurisdiction.

c.Unless otherwise exempt from this requirement, after a diligent search the full amount or type of insurance cannot be obtained from an admitted insurer.

d.All other requirements of this chapter are met. §515I.3, SURPLUS LINES INSURANCE 4

2.

a.Inadditiontothefullamountofgrosspremiumschargedbythenonadmittedi

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domestic surplus lines insurers.
1. Surplus lines insurance may be placed by a surplus lines insurance producer with a
nonadmittedinsurerordomesticsurpluslinesinsureronlyifallofthefollowingrequirements
are met:
a. The proposed nonadmitted insurer or domestic surplus lines insurer is an eligible
surplus lines insurer.
b. The proposed nonadmitted insurer or domestic surplus lines insurer is authorized to
write the type of insurance sought in this state in its domiciliary jurisdiction.
c. Unless otherwise exempt from this requirement, after a diligent search the full amount
or type of insurance cannot be obtained from an admitted insurer.
d. All other requirements of this chapter are met.
§515I.3, SURPLUS LINES INSURANCE 4
2. a. Inadditiontothefullamountofgrosspremiumschargedbythenonadmittedinsurer
or domestic surplus lines insurer for the insurance on which a premium tax is imposed for
surplus lines insurance for which the insured’s home state is Iowa, a surplus lines insurance
producer shall collect and pay to the state of Iowa the appropriate amount of premium tax as
provided in section 432.1 for surplus lines insurance. The commissioner shall adopt rules to
specify the use of credits or deductions that may be applied to the premium tax.
b. The tax on any portion of the premium unearned at the termination of the surplus lines
insurance that has been credited by the state shall be returned to the policyholder directly
by the surplus lines insurance producer. The surplus lines insurance producer is prohibited
from rebating, for any reason, any part of the tax.
3. This section shall not apply to a person properly licensed as an insurance producer,
who, for a fee and pursuant to a written agreement, is engaged solely to offer advice, counsel,
opinion, or service to an insured with respect to the benefits, advantages, or disadvantages
promised under any proposed or in-force policy of insurance if the person does not, directly
or indirectly, participate in the sale, solicitation, or negotiation of insurance on behalf of the
insured.
4. Insurance placed under this section shall be valid and enforceable as to all parties.