Iowa Code 515I.10 – Independently procured surplus lines insurance — premium tax — penalty
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Terms Used In Iowa Code 515I.10
- Contract: A legal written agreement that becomes binding when signed.
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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 § 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 § 507A.9.
2012 Acts, ch 1025, §10, 22
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 § 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 § 507A.9.
2012 Acts, ch 1025, §10, 22