{"data":{"id":"us-ia/iowa-code-515i.10","jurisdiction":"us-ia","citation":"Iowa Code § 515I.10","heading":"Independently procured surplus lines insurance — premium tax — penalty.","body":"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.\n2. 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.\n3. The commissioner may assess a penalty of one percent of the delinquent amount of taxes owed per month as specified in section 507A.9.","path":["Title XIII - COMMERCE (Ch. 505 - 554I)","Chapter 515I - SURPLUS LINES INSURANCE"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/515I.10.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:13Z","sha256":"2182d75d54471737efe8f5555ca33b529e2ff457da83cfb38cd8b253db2f2084","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-515i.9","next":"us-ia/iowa-code-515i.11"},"notice":"GroundRules: Original legal text. Not legal advice."}