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2017 Iowa Code
Title XIII - COMMERCE
Chapter 515I - SURPLUS LINES INSURANCE
Section 515I.10 - Independently procured surplus lines insurance — premium tax — penalty.

Universal Citation: IA Code § 515I.10 (2017)
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1 SURPLUS LINES INSURANCE, §515I.10 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 Wed Feb 08 04:24:04 2017 Iowa Code 2017, Section 515I.10 (5, 0)
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