Iowa Governor Signs Law Concerning Requirements for Domestic Surplus Lines Insurers

The Iowa Governor April 9 signed a law concerning requirements for domestic surplus lines insurers for excise tax purposes. The law includes measures: 1) providing a definition “eligible surplus lines insurers” that includes any domestic surplus lines insurer that is authorized by the Commissioner of Insurance; 2) providing that an insurer that is domiciled in the state may apply to the commissioner for licensure as a domestic surplus lines insurer if certain conditions are met; 3) authorizing the insurer to write any kind of insurance that a non-admitted insurer not domiciled in this state is eligible to write; and 4) ...