(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.
(B) The license fee imposed upon each insurance company which issues life insurance policies on the lives of persons residing within the corporate limits of the city shall be six (6) percent of the first year’s premium actually collected within each calendar quarter by reason of the issuance of such policies.
(C) The license fee imposed upon each insurance company which issues any insurance policy which is not a life insurance policy shall be six (6) percent 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 policyholders; 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 Worker’s Compensation Act; nor for premiums received on policies of group health insurance provided for state employees under KRS 18A.225(2); nor for premiums of medical or health insurance policies.
(D) All license fees imposed by this section shall be due no later than thirty (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 131.183.
(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:
(1) Casualty;
(2) Automobile;
(3) Inland marine;
(4) Fire and allied perils; and
(5) Life.
(Ord. No. 04-07, 3-12-07)