House
Study
Bill
52
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
SODERBERG)
A
BILL
FOR
An
Act
relating
to
the
transfer
tax
imposed
on
insurers
1
organized
in
other
states
who
elect
to
become
domestic
2
insurers
in
Iowa.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
2102YC
(2)
84
tw/sc
H.F.
_____
Section
1.
Section
508.12,
unnumbered
paragraph
1,
Code
1
2011,
is
amended
to
read
as
follows:
2
An
insurer
which
is
organized
under
the
laws
of
any
state,
3
and
is
admitted
to
do
business
in
this
state
for
the
purpose
4
of
writing
insurance
authorized
by
this
chapter
may
become
a
5
domestic
insurer
by
complying
with
section
490.902
or
491.33
6
and
with
all
of
the
requirements
of
law
relative
to
the
7
organization
and
licensing
of
a
domestic
insurer
of
the
same
8
type
and
by
designating
its
principal
place
of
business
in
this
9
state
,
and,
upon
payment
to
the
commissioner
of
insurance
of
10
a
transfer
tax
in
a
sum
equal
to
twenty-five
percent
of
the
11
premium
tax
paid
pursuant
to
the
provisions
of
chapter
432
12
for
the
last
calendar
year
immediately
preceding
its
becoming
13
a
domestic
corporation
or
the
sum
of
ten
thousand
dollars,
14
whichever
is
the
lesser
but
not
less
than
one
thousand
dollars,
15
may
become
a
domestic
corporation
and
be
entitled
to
like
16
certificates
of
its
corporate
existence
and
license
to
transact
17
business
in
this
state,
and
be
subject
in
all
respects
to
the
18
authority
and
jurisdiction
thereof.
19
Sec.
2.
Section
515.78,
unnumbered
paragraph
1,
Code
2011,
20
is
amended
to
read
as
follows:
21
An
insurer
which
is
organized
under
the
laws
of
any
state,
22
and
is
admitted
to
do
business
in
this
state
for
the
purpose
23
of
writing
insurance
authorized
by
this
chapter
may
become
a
24
domestic
insurer
by
complying
with
section
490.902
or
491.33
25
and
with
all
of
the
requirements
of
law
relative
to
the
26
organization
and
licensing
of
a
domestic
insurer
of
the
same
27
type
and
by
designating
its
principal
place
of
business
in
this
28
state
,
and,
upon
payment
to
the
commissioner
of
insurance
of
29
a
transfer
tax
in
a
sum
equal
to
twenty-five
percent
of
the
30
premium
tax
paid
pursuant
to
the
provisions
of
chapter
432
31
for
the
last
calendar
year
immediately
preceding
its
becoming
32
a
domestic
corporation
or
the
sum
of
ten
thousand
dollars,
33
whichever
is
the
lesser
but
not
less
than
one
thousand
dollars,
34
may
become
a
domestic
corporation
and
be
entitled
to
like
35
-1-
LSB
2102YC
(2)
84
tw/sc
1/
2
H.F.
_____
certificates
of
its
corporate
existence
and
license
to
transact
1
business
in
this
state,
and
be
subject
in
all
respects
to
the
2
authority
and
jurisdiction
thereof.
3
EXPLANATION
4
This
bill
eliminates
the
tax
imposed
on
insurance
companies
5
organized
in
other
states
who
elect
to
become
domestic
insurers
6
in
Iowa.
7
-2-
LSB
2102YC
(2)
84
tw/sc
2/
2