432A.9 Underwriting profits tax in lieu of other taxes.
The tax imposed by this chapter shall be paid upon the marine underwriting profits, if any, upon all marine insurance business written in this state each calendar year. The tax on gross premiums under section 432.1 shall not be levied on marine insurance premiums reportable in a tax return prescribed by the commissioner of insurance to record taxable underwriting profit, if any, defined herein. The tax return required shall be in lieu of all other tax requirements imposed by section 432.1.
[C75, 77, 79, 81, ยง432A.9]
Structure Iowa Code
Chapter 432A - MARINE INSURANCE TAX
Section 432A.1 - Amount of tax on underwriting profit.
Section 432A.2 - Profit within this state.
Section 432A.3 - Profit within United States.
Section 432A.4 - Computation of net earned premiums.
Section 432A.5 - Expenses incurred.
Section 432A.6 - Computation of tax on ocean marine insurance profit.
Section 432A.7 - Tax payable annually.
Section 432A.8 - Filing tax return.
Section 432A.9 - Underwriting profits tax in lieu of other taxes.