Iowa Admin. Code r. 191-21.2 - Eligible surplus lines insurer's duties
(1)
Premium
tax payment. Where, pursuant to Iowa Code chapter 515I, coverage is
placed with an eligible surplus lines insurer, but the surplus lines insurance
producer fails to pay to the division the premium tax required by Iowa Code
section 515I.3(2) and
rule 191-21.3 (515I), the eligible surplus lines insurer must pay the premium
tax required by Iowa Code chapter 515I and this chapter.
(2)
How premium tax quoted.
An eligible surplus lines insurer or a surplus lines producer for an eligible
surplus lines insurer is authorized to quote a premium that includes tax as is
required by Iowa Code chapter 515I, and thereafter no additional tax amount may
be charged or collected. Premium tax may be stated in the contract of insurance
as a separate component of the total premium only when the premium is not based
upon rates or premiums that included a premium tax component. Any fees
collected from residents of this state are considered part of the premium and
thus are subject to taxation.
Notes
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