518A.35  Annual tax.

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.

Section History: Early form

  [C24, 27, 31, 35, 39, § 9060; C46, 50, 54, 58, 62, § 518.35; C66, 71, 73, 75, 77, 79, 81, § 518A.35]

Section History: Recent form

  2000 Acts, ch 1023, §48; 2001 Acts, ch 24, §57

Previous Section 518A.34

Next Section 518A.36

Return To Home index

© 2002 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Thu Jan 24 10:51:05 CST 2002