IA | The Iowa Insurance Division has implemented and mandated OPTins (Online Premium Tax for Insurance) for the submission of Third-Party Administrator annual report filings.
Please DO NOT submit financial statements, verification forms or remit payment prior to 60 days before the due date of July 1.
The steps to submit the third-party administrator annul reports and verification forms are very simple. Easy to follow instructions are available at www.optins.org. Once registered and set up, you will be able to log in to your account, electronically sign and upload the verification form, attach the company’s audited financial statements and remit payment online. DO NOT mail in to the Iowa Insurance Division any paper financial statements, verification forms or check payments.
58.11(2) A third-party administrator that makes a late filing shall pay a late fee as stated in rule 191-58.18(510).
58.18(1) Fees accompanying electronic filings shall be paid in a manner as directed by the commissioner.
58.18(2) Fees related to this chapter are as follows:
- The fee to accompany the filing of an annual report is $50
- The fee for the late filing of an annual report…….is $100
NOTE: PLEASE BE ADVISED THAT ALL ANNUAL REPORTS FILED AFTER THE DUE DATE OF JULY 1 WILL AUTOMATICALLY BE ASSESSED A $100 LATE FEE.
58.11(3) Extensions of the July 1 filing date may be granted by the commissioner for 30-day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting such extension and determination by the commissioner of good cause for an extension. The request for extension must be submitted in writing not less than ten (10) days prior to the due date in sufficient detail to permit the commissioner to make an informed decision with respect to the requested extension.
All annual reports must be filed under the company name. If you are submitting a report for more than one company, they MUST BE filed individually with a verification form completed for each company.