515I.10 Independently procured surplus lines insurance — premium tax — penalty. 1. When this state is the home state of the insured, a person who directly procures, continues, or renews a surplus lines insurance policy or contract independently and withoutusing a surplus lines insurance producer on properties, risks, or exposures located or to beperformed in whole or in part in this state shall file a written report regarding the transactionwith the commissioner, in a manner and method as directed by the commissioner by rule. 2. When this state is the home state of the insured, each person who has independently procured a surplus lines insurance policy or contract shall pay a premium tax at a rateappropriate to the amount of premium tax equal to the applicable percent, as provided insection 432.1. The tax shall be remitted via a method and schedule and in a manner asdirected by the commissioner by rule. 3. The commissioner may assess a penalty of one percent of the delinquent amount of taxes owed per month as specified in section 507A.9. 2012 Acts, ch 1025, §10, 22 Sat Dec 23 00:49:23 2023 Iowa Code 2024, Section 515I.10 (12, 0)
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