§ 515i-3

515I.3 Placement of surplus lines insurance business with nonadmitted insurers and domestic surplus lines insurers. 1. Surplus lines insurance may be placed by a surplus lines insurance producer with a nonadmitted insurer or domestic surplus lines insurer only if all of the following requirementsare met: a. The proposed nonadmitted insurer or domestic surplus lines insurer is an eligible surplus lines insurer. b. The proposed nonadmitted insurer or domestic surplus lines insurer is authorized to write the type of insurance sought in this state in its domiciliary jurisdiction. c. Unless otherwise exempt from this requirement, after a diligent search the full amount or type of insurance cannot be obtained from an admitted insurer. d. All other requirements of this chapter are met.2. a. In addition to the full amount of gross premiums charged by the nonadmitted insurer or domestic surplus lines insurer for the insurance on which a premium tax is imposed forsurplus lines insurance for which the insured’s home state is Iowa, a surplus lines insuranceproducer shall collect and pay to the state of Iowa the appropriate amount of premium tax asprovided in section 432.1 for surplus lines

hich the insured’s home state is Iowa, a surplus lines insuranceproducer shall collect and pay to the state of Iowa the appropriate amount of premium tax asprovided in section 432.1 for surplus lines insurance. The commissioner shall adopt rules tospecify the use of credits or deductions that may be applied to the premium tax. b. The tax on any portion of the premium unearned at the termination of the surplus lines insurance that has been credited by the state shall be returned to the policyholder directlyby the surplus lines insurance producer. The surplus lines insurance producer is prohibitedfrom rebating, for any reason, any part of the tax. 3. This section shall not apply to a person properly licensed as an insurance producer, who, for a fee and pursuant to a written agreement, is engaged solely to offer advice, counsel,opinion, or service to an insured with respect to the benefits, advantages, or disadvantagespromised under any proposed or in-force policy of insurance if the person does not, directlyor indirectly, participate in the sale, solicitation, or negotiation of insurance on behalf of theinsured. 4.

omised under any proposed or in-force policy of insurance if the person does not, directlyor indirectly, participate in the sale, solicitation, or negotiation of insurance on behalf of theinsured. 4. Insurance placed under this section shall be valid and enforceable as to all parties.2012 Acts, ch 1025, §3, 22; 2019 Acts, ch 19, §3Referred to in §515J.10 Sat Dec 23 00:49:19 2023 Iowa Code 2024, Section 515I.3 (13, 0)