House Journal: Page 1714: Thursday, May 1, 2003
36 expenses of the division.
37 Sec. . Section 518.18, unnumbered paragraph 2,
38 Code 2003, is amended to read as follows:
39 1. Two The applicable percent of the gross amount
40 of premiums received during the preceding calendar
41 year, after deducting the amount returned upon the
42 canceled policies, certificates, and rejected
43 applications; and after deducting premiums paid for
44 windstorm or hail reinsurance on properties
45 specifically reinsured; provided, however, that.
46 However, the reinsurer of such windstorm or hail risks
47 shall pay two the applicable percent of the gross
48 amount of reinsurance premiums received upon such
49 risks after deducting the amounts returned upon
50 canceled policies, certificates, and rejected
Page 15
1 applications. For purposes of this section,
2 "applicable percent" means the same as specified in
3 section 432.1, subsection 4.
4 2. Except as provided in subsection 3, the premium
5 tax shall be paid on or before March 1 of the year
6 following the calendar year for which the tax is due.
7 The commissioner of insurance may suspend the
8 certificate of authority of a county mutual insurance
9 association that fails to pay its premium tax on or
10 before the due date.
11 3. a. Each county mutual insurance association
12 transacting business in this state whose Iowa premium
13 tax liability for the preceding calendar year was one
14 thousand dollars or more shall remit on or before June
15 1, on a prepayment basis, an amount equal to one-half
16 of the premium tax liability for the preceding
17 calendar year.
18 b. In addition to the prepayment amount in
19 paragraph "a", each association shall remit on or
20 before June 30, on a prepayment basis, an additional
21 amount equal to the following percent of the premium
22 tax liability for the preceding calendar year as
23 follows:
24 (1) For prepayment in the 2003 and 2004 calendar
25 years, eleven percent.
26 (2) For prepayment in the 2005 calendar year,
27 twenty-six percent.
28 (3) For prepayment in the 2006 and subsequent
29 calendar years, fifty percent.
30 c. The sums prepaid by a county mutual insurance
31 association under this subsection shall be allowed as
32 credits against its premium tax liability for the
33 calendar year during which the payments are made. If
34 a prepayment made under this subsection exceeds the
© 2003 Cornell College and
League of Women Voters of Iowa
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