A state mutual insurance association doing business under this chapter shall on or before the first day of March, each year, pay to the director of the department of revenue and finance, or a depository designated by the director, a sum equivalent to two percent of the gross receipts from premiums and fees for business done within the state, including all insurance upon property situated in the state without including or deducting any amounts received or paid for reinsurance. However, a company reinsuring windstorm or hail risks written by county mutual insurance associations is required to pay a two percent tax on the gross amount of reinsurance premiums received upon such risks, but after deducting the amount returned upon canceled policies and rejected applications covering property situated within the state, and dividends returned to policyholders on property situated within the state.
[C24, 27, 31, 35, 39, § 9060; C46, 50, 54, 58, 62, § 518.35; C66, 71, 73, 75, 77, 79, 81, § 518A.35]
2000 Acts, ch 1023, §48; 2001 Acts, ch 24, §57
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