Qualified surplus lines carrier definition

Qualified surplus lines carrier means a nonadmitted insurer that the division has determined is qualified to provide surplus lines coverage as set forth in Iowa Code section 515.120, but in no event shall “qualified surplus lines carrier” include an insurer described in Iowa Code section 515.122.
Qualified surplus lines carrier means a nonadmitted insurer that the division has determined is qualified to provide surplus lines coverage as set forth in Iowa Code section 515.147 515.120, but in no event shall “qualified surplus lines carrier” include an insurer described in Iowa Code section 515.148 515.122.1700 NOTICES IAB 1/28/09INSURANCE DIVISION[191](cont'd) ITEM 2. Amend rule 191—21.2(515) as follows: 191—21.2(515) Qualified surplus lines carriers’ duties.21.2(1) Insurer liable. Where, pursuant to Iowa Code section 515.147 515.120, coverage is placed with a qualified surplus lines carrier, the qualified surplus lines carrier shall be liable for the premium tax required by Iowa Code section 515.147 515.120.21.2(2) How premium tax quoted. A qualified surplus lines carrier or a broker for a qualified surplus lines carrier is authorized to quote a premium which includes tax as is required by Iowa Code section515.147 515.120, and thereafter no additional tax amount may be charged or collected. Premium tax may be stated in the contract of insurance as a separate component of the total premium only when the premium is not based upon rates or premiums which included a premium tax component when promulgated. Policy Any fees collected from residents of this state are considered part of the premium and thus are subject to taxation.ITEM 3. Amend rule 191—21.3(515) as follows: 191—21.3(515) Producers’ duties.21.3(1) No change.21.3(2) Quarterly reports required. Electronic reporting of premium tax. A producer who places insurance with a qualified surplus lines carrier shall file a report with the division. Reports shall be filed on April 10, July 10, October 10 and January 10, summarizing the surplus lines insurance issued during the prior calendar quarter. The reports shall be made using the division’s Form SL2007 and shall be filed electronically or as otherwise directed by the division. A producer is not required to file a report for a quarter in which no surplus lines insurance was issued. If a producer does not file a quarterly report by the due date, the producer shall be fined $100 on the day after the report was due and an additional$100 on the first of each month thereafter until the report is filed. file electronically the premium tax information with the division on or before March 1 for policies issued during the preceding calendar year.21.3(3) Annual report. On or before March 1 of each year, every producer who has placed insurance with qualified surplus lines carriers when the p...

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