The Iowa Insurance Division has implemented OPTins (Online Premium Tax for Insurance) for agents filing and paying Iowa Surplus Lines, Purchasing Groups, and Risk Retention Group Annual Premium Taxes. OPTins, a product of the National Association of Insurance Commissioners (NAIC), has been developed to facilitate Surplus Lines submission of forms and payments. Iowa will be mandating the use of OPTins to file and pay your annual taxes and penalties.
NOTE: Iowa has mandated that all filers submit surplus lines agent, risk retention groups, purchasing groups, and independently procured/self-procured annual filings and payments through OPTins. The "Iowa Division Surplus Lines Premium Reporting System" SHOULD NOT be used to enter any policy filings or activate any new agents, and has been taken out of service.
OPTins will have your Iowa forms available to download on October 1, 2015. Please DO NOT submit forms or remit payment until January 1, 2016. Premium taxes are paid annually and are due on or before March 1 of the year following when the business was written. Even though you will have access to the forms in OPTins, the dates in which payments are accepted for premium taxes due WILL NOT change.
The steps to submit your tax filing are very simple and require no formal training. Easy to follow instructions are available at: www.optins.org. Once registered and set up, you will be able to log in, upload your filing forms and submit your payment online. We ask that you DO NOT mail in to the Iowa Insurance Division any paper filings or check payments. Everything is electronic and tax forms along with the payment are received at the Iowa Insurance Division immediately upon submission by the company or producer.
All surplus lines and purchasing group policy filings MUST BE filed under the agent's name. All risk retention group and independently/self-procured policy filings MUST BE filed under the company's name. Zero filings are not required.
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@example.com or call (816) 783-8787. Setup of a new account takes 7-10 business days. If you already use OPTins, you do not have to contact OPTins Marketing; just enter your Iowa License Number within OPTins.
Proceed to the OPTins webpage: http://www.optins.org/state_participation.htm
Questions or comments applicable to this email should be directed to:
Surplus Lines Coordinator
Application for Renewal of Registration
Iowa Surplus Lines Premium Tax Reporting Forms
Please use the appropriate spreadsheet to report premium tax policy filings.