515I.10 Independently procured surplus lines insurance — premium tax — penalty.
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.
2012 Acts, ch 1025, §10, 22
Structure Iowa Code
Chapter 515I - SURPLUS LINES INSURANCE
Section 515I.4 - Requirements for eligible surplus lines insurers.
Section 515I.4A - Requirements for domestic surplus lines insurers.
Section 515I.5 - Duties of surplus lines insurance producers.
Section 515I.6 - Actions against eligible surplus lines insurers.
Section 515I.7 - Effect of payment to surplus lines insurance producer.
Section 515I.8 - Referrals to surplus lines insurance producers.
Section 515I.9 - Exempt commercial purchasers.
Section 515I.10 - Independently procured surplus lines insurance — premium tax — penalty.
Section 515I.11 - Violations and penalties.
Section 515I.12 - Cease and desist orders — civil and criminal penalties.
Section 515I.13 - Insurance policy or contract remains valid.
Section 515I.13A - Scope of operation.