Bill Text: IA SF109 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act eliminating the transfer tax imposed on insurers organized in other states who elect to become domestic insurers in Iowa. (Formerly SF 52; see SF 260.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF109 Detail]
Download: Iowa-2011-SF109-Introduced.html
Senate
File
109
-
Introduced
SENATE
FILE
109
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
SF
52)
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
1575SV
(4)
84
tw/sc
S.F.
109
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
and
3
has
created
or
will
create
jobs
in
this
state
or
which
is
an
4
affiliate
or
subsidiary
of
a
domestic
insurer
,
and
is
admitted
5
to
do
business
in
this
state
for
the
purpose
of
writing
6
insurance
authorized
by
this
chapter
may
become
a
domestic
7
insurer
by
complying
with
section
490.902
or
491.33
and
with
8
all
of
the
requirements
of
law
relative
to
the
organization
9
and
licensing
of
a
domestic
insurer
of
the
same
type
and
by
10
designating
its
principal
place
of
business
in
this
state
,
and,
11
upon
payment
to
the
commissioner
of
insurance
of
a
transfer
12
tax
in
a
sum
equal
to
twenty-five
percent
of
the
premium
tax
13
paid
pursuant
to
the
provisions
of
chapter
432
for
the
last
14
calendar
year
immediately
preceding
its
becoming
a
domestic
15
corporation
or
the
sum
of
ten
thousand
dollars,
whichever
is
16
the
lesser
but
not
less
than
one
thousand
dollars,
may
become
a
17
domestic
corporation
and
be
entitled
to
like
certificates
of
18
its
corporate
existence
and
license
to
transact
business
in
19
this
state,
and
be
subject
in
all
respects
to
the
authority
and
20
jurisdiction
thereof.
21
Sec.
2.
Section
515.78,
unnumbered
paragraph
1,
Code
22
2011,
is
amended
to
read
as
follows:
23
An
insurer
which
is
organized
under
the
laws
of
any
state
and
24
has
created
or
will
create
jobs
in
this
state
or
which
is
an
25
affiliate
or
subsidiary
of
a
domestic
insurer
,
and
is
admitted
26
to
do
business
in
this
state
for
the
purpose
of
writing
27
insurance
authorized
by
this
chapter
may
become
a
domestic
28
insurer
by
complying
with
section
490.902
or
491.33
and
with
29
all
of
the
requirements
of
law
relative
to
the
organization
30
and
licensing
of
a
domestic
insurer
of
the
same
type
and
by
31
designating
its
principal
place
of
business
in
this
state
,
and,
32
upon
payment
to
the
commissioner
of
insurance
of
a
transfer
33
tax
in
a
sum
equal
to
twenty-five
percent
of
the
premium
tax
34
paid
pursuant
to
the
provisions
of
chapter
432
for
the
last
35
-1-
LSB
1575SV
(4)
84
tw/sc
1/
2
S.F.
109
calendar
year
immediately
preceding
its
becoming
a
domestic
1
corporation
or
the
sum
of
ten
thousand
dollars,
whichever
is
2
the
lesser
but
not
less
than
one
thousand
dollars,
may
become
a
3
domestic
corporation
and
be
entitled
to
like
certificates
of
4
its
corporate
existence
and
license
to
transact
business
in
5
this
state,
and
be
subject
in
all
respects
to
the
authority
and
6
jurisdiction
thereof.
7
EXPLANATION
8
This
bill
eliminates
the
tax
imposed
on
insurance
companies
9
organized
in
other
jurisdictions
who
elect
to
become
domestic
10
insurers
in
Iowa
and
who
have
created
or
will
create
jobs
in
11
the
state.
12
-2-
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1575SV
(4)
84
tw/sc
2/
2