Senate File 52 - Introduced SENATE FILE 52 BY DANDEKAR A BILL FOR An Act eliminating 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 1575XS (2) 84 tw/sc
S.F. 52 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 EXPLANATION 20 This bill eliminates the tax imposed on insurance companies 21 organized in other states who elect to become domestic insurers 22 in Iowa. 23 -1- LSB 1575XS (2) 84 tw/sc 1/ 1