Iowa Code 515K.8 – Tax on gross premiums
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Terms Used In Iowa Code 515K.8
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. 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
515K.8 Tax on gross premiums.
1. An insurer that offers travel insurance shall pay tax on gross premiums, as provided in § 432.1, on travel insurance premiums paid by any of the following:
a. A primary policyholder who is a resident of this state.
b. A primary certificate holder who is a resident of this state.
c. A blanket travel insurance policyholder that is a resident of this state, or that has the policyholder’s principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in this state for eligible blanket group members, subject to any apportionment rules that apply to the insurer across multiple taxing jurisdictions, or that permit the insurer to allocate premiums on an apportioned basis in a reasonable and equitable manner in those taxing jurisdictions.
2. An insurer that offers travel insurance shall do all of the following:
a. Document the state of residence or the state of the principal place of business of the primary policyholder or primary certificate holder.
b. Report as premiums only the amount allocable to travel insurance, and not report any amounts received from travel assistance services or cancellation fee waivers.
2022 Acts, ch 1035, §8
Referred to in §515K.2
1. An insurer that offers travel insurance shall pay tax on gross premiums, as provided in § 432.1, on travel insurance premiums paid by any of the following:
a. A primary policyholder who is a resident of this state.
b. A primary certificate holder who is a resident of this state.
c. A blanket travel insurance policyholder that is a resident of this state, or that has the policyholder’s principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in this state for eligible blanket group members, subject to any apportionment rules that apply to the insurer across multiple taxing jurisdictions, or that permit the insurer to allocate premiums on an apportioned basis in a reasonable and equitable manner in those taxing jurisdictions.
2. An insurer that offers travel insurance shall do all of the following:
a. Document the state of residence or the state of the principal place of business of the primary policyholder or primary certificate holder.
b. Report as premiums only the amount allocable to travel insurance, and not report any amounts received from travel assistance services or cancellation fee waivers.
2022 Acts, ch 1035, §8
Referred to in §515K.2