After January 1, 1966, every association doing business under this chapter shall be required to pay to the director of the department of revenue and finance, or a depository designated by the director, as taxes an amount equal to the following:
Two percent of the gross amount of premiums received during the preceding calendar year, after deducting the amount returned upon the canceled policies, certificates and rejected applications; and after deducting premiums paid for windstorm or hail reinsurance on properties specifically reinsured; provided, however, that the reinsurer of such windstorm or hail risks shall pay two percent of the gross amount of reinsurance premiums received upon such risks after deducting the amounts returned upon canceled policies, certificates and rejected applications.
[C66, 71, 73, 75, 77, 79, 81, § 518.18]
Referred to in § 432.1
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