(A) There is hereby imposed on each insurance company a license fee for the privilege of engaging in the business of insurance within the corporate limits of the city for the fiscal year commencing July 1, 1990, and shall remain in effect until June 30, 1992, on which date the license fee rate set above shall return to 5%; and commencing on July 1, 2004, the license fee rate set above shall be revised according to division (B), herein.
(B) The license fee imposed upon each insurance company which issues any insurance policy which is not a life insurance policy or health insurance policy shall be 10% of the premiums actually collected within each calendar quarter by reason of the issuance of such policies on risks located within the corporate limits of the city on those classes of business which such company is authorized to transact, less all premiums returned to policy holders. However, any license fee or tax imposed upon premium receipts shall not include premiums received for insuring employers against liability for personal injuries to their employees, or death caused thereby, under the provisions of the Workers’ Compensation Act, and shall not include premiums received on policies of group health insurance provided for state employees under KRS 18A.225(2) and 18A.228.
(C) There is hereby imposed upon each insurance company, except for health and life insurance companies, doing business within the corporate limits of the city a minimum fee of $5 per calendar quarter, when the percentage fees noted above are less than $5 per calendar quarter.
(D) All license fees imposed by this section shall be due no later than 30 days after the end of each calendar quarter. License fees which are not paid on or before the due date shall bear interest at the tax interest rate as defined in KRS 131.010(6).
(E) Every insurance company subject to the license fees imposed by this section shall annually, by March 31, furnish the city with a written breakdown of all collections in the preceding calendar year for the following categories of insurance: casualty; automobile; inland marine; and fire and allied perils.
(F) The City Clerk is hereby directed to provide a copy of this ordinance, and any amendment thereto, to the State Commissioner of Insurance.
(Ord. 12-88, passed 4-23-88; Am. Ord. 7-90, passed 4-26-90; Am. Ord. 25-91, passed 6-27-91; Am. Ord. 30-91, passed 7-11-91; Am. Ord. 2004-04, passed 3-3-04) Penalty, see § 116.99