Iowa Admin. Code r. 191-21.3
Current through Register Vol. 47, No. 8, October 30, 2024
Rule 191-21.3 - Surplus lines insurance producer's duties(1)Surplus lines insurance producer's collection of tax. A surplus lines insurance producer who places insurance with an eligible surplus lines insurer must collect premium tax from the eligible surplus lines insurer by withholding the applicable percentage of premiums pursuant to Iowa Code section 432.1(3) and 432.1(4).(2)Electronic reporting of premium tax. A surplus lines insurance producer who places insurance with an eligible surplus lines insurer must file electronically the premium tax information with the division, as instructed on the division's website, on or before March 1 for policies issued during the preceding calendar year.(3)Annual report. On or before March 1 of each year, every surplus lines insurance producer who has placed insurance with an eligible surplus lines insurer when the policies have been issued during the preceding calendar year must file electronically with the division, or as otherwise directed by the division, a sworn report and supporting documentation, as instructed on the division's website, which may include evidence of a diligent search required pursuant to Iowa Code section 515I.3, of all such business written during the preceding calendar year, and must submit the amount to cover the taxes due on all such business. The manner of filing electronically and the content of the report and required supporting documentation are listed on the division's website. If no business was issued during the preceding calendar year, no report is required. Failure to file an annual report or pay the taxes imposed by Iowa Code chapter 515I will be deemed grounds for the revocation of a surplus lines insurance producer's license by the division, and failure to file an annual report or pay taxes within the time requirements of this rule will subject the surplus lines insurance producer to the penalties of Iowa Code section 515I.12.Iowa Admin. Code r. 191-21.3
ARC 7663B, lAB 3/25/09, effective 4/29/09Amended by IAB September 28, 2016/Volume XXXIX, Number 07, effective 11/2/2016Amended by IAB November 20, 2019/Volume XLII, Number 11, effective 12/25/2019Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024