- Iowa maintains a list of eligible surplus lines insurers (see Other Comments section #1).
- Iowa does not have a Surplus Lines Association.
- Iowa does not have an Export list.
- Iowa does have an industrial insured exemption §515I.9.
- Surplus lines tax: 1%, payable by soliciting agent.
- Iowa has not affiliated with any existing compact. On a multi-state risk when Iowa is not the home state, Iowa will not collect any premium tax. On a multi-state risk where Iowa is the home state, Iowa will collect 100% of the premium tax of 1%.
- Iowa does allow domestic surplus lines insurers in the state.
- An insured whose home state is Iowa must pay the independently procured insurance premium tax when procuring a policy directly from a nonadmitted insurer.
Eligibility and Filing Requirements (All Insurers):
- Annual Statement/Report: in U.S. dollars.
- List of Agents used in State: (preferred).
- Service of process information.
Eligibility and Filing Requirements (Alien Insurers Only):
- Trust Fund: follows NAIC requirements (see Appendix E).
- Capital and Surplus: follows NAIC requirements (see Appendix E).
- The State’s statutory eligibility requirements are not applicable to alien insurers listed with the NAIC.
Eligibility and Filing Requirements (Foreign Insurers Only):
- NAIC UCAA Expansion Application, available through the Department’s website, www.iid.iowa.gov, or through the NAIC website, https://content.naic.org/industry/ucaa.
- Remittance of the greater of a $100 filing fee or a retaliatory fee, and a $2,000 examination fee for all new applicants.
- Maintain the greater of either minimum capital and surplus of $15,000,000 or risk-based capital pursuant to Iowa Code Chapter 521E (see Other Comments Section #2).
- For renewal: payment of the greater of $100 renewal fee or retaliatory fee, quarterly signed jurat, and submission of other documents and materials listed on the Department’s website, https://iid.iowa.gov/premtax.
Types of Insurance Exempted from Surplus Lines Regulation:
Other Comments or Requirements:
- Iowa eligibility list available at https://data.iowa.gov/Regulation/American-Surplus-Lines-Companies/hn22-e382/data.
- A producer who places coverage with a qualified surplus lines carrier must deliver to the insured, within 30 days of the date the policy is issued, a notice that states the following:
“This policy is issued, pursuant to Iowa Code chapter 515I, by an eligible surplus lines insurer in Iowa and as such is not covered by the Iowa Insurance Guaranty Association.”
A producer may comply with this rule by typing or stamping a verbatim copy of this language in a clear and conspicuous place on the policy.
- Effective October 1, 2015, the Iowa Insurance Division implemented OPTins as the new tax filing system. The previous way of mailing the Report and Receipt for Payment of Taxes with your check payment is no longer accepted. The Iowa Insurance Division Surplus Lines Premium Tax Reporting System has been disabled and is no longer available for use.
Using OPTins allows you to save time and ensure that both the forms and payment are received together and on time. To implement OPTins, contact the OPTins Marketing Team at [email protected] or call (816) 783-8787. If you already have an OPTins account, go to OPTins.org, click on ‘OPTins Login’ and enter your Username and Password. If you need assistance navigating the system or have questions/concerns, please contact the OPTins Help Desk Customer Service at 816-783-8990.The policy filings may be entered at any time during the year by downloading the appropriate spreadsheet and saving it to your computer. OPTins will not allow you to upload the spreadsheet or remit premium taxes due until January. At that time the current annual report will be required to be downloaded and completed for that filing period. Tax season officially begins January 1 to March 1 of the year following when the business was written. To avoid penalties, please have premium taxes paid no later than 11:59 CST on March 1st. All submissions made after that time will incur a 1% penalty on the total taxes due times the number of months they are past due until payment is received. There is NO grace period.
For more information on filing surplus lines taxes and to find the appropriate forms, follow this link: https://iid.iowa.gov/surplus, click on Iowa.
- In 2009, Iowa adopted ADC 191-21 1-9 implementing electronic filing for surplus lines brokers and eliminating the “zero” reports.