CHAPTER 114: INSURANCE COMPANIES
Section
   114.01   Imposition of license fee
   114.02   Fee for companies issuing life insurance policies
   114.03   Fee for companies issuing insurance policies
   114.04   Due date; interest
   114.05   Written breakdown of collections
   114.06   Effective date of tax; fee
   114.07   Filing of notice
   114.08   Request for refund
§ 114.01 IMPOSITION OF LICENSE FEE.
   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 on a calendar-year basis.
(Prior Code, § 114.01) (Ord. passed 10-29-1984)
§ 114.02 FEE FOR COMPANIES ISSUING LIFE INSURANCE POLICIES.
   The license fee imposed upon each insurance company which issues life insurance policies on the lives of person residing within the corporate limits of the city shall be 5% of the first year’s premiums actually collected within each calendar quarter by reason of the issuance of such policies.
(Prior Code, § 114.02) (Ord. passed 10-29-1984; Ord. 2005-01, passed 1-24-2005; Ord. 2011-02, passed 3-15-2011)
Statutory reference:
   Related provisions, see KRS 91a.080(2)
§ 114.03 FEE FOR COMPANIES ISSUING INSURANCE POLICIES.
   The license fee imposed upon each insurance company which issues any insurance policy which is not a life 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. The license fee imposed upon a health insurance policy shall remain at 5% and shall not apply to premiums received on policies of group health insurance provided for state employees under KRS 18A.225 or to premiums received on health insurance policies issued to individuals not to policies issued through Kentucky Access created in KRS 304.17B-005.
(Prior Code, § 114.03) (Ord. passed 10-29-1984; Ord. passed 7-27-1987; Ord. 2005-01, passed 1-24-2005; Ord. 2011-02, passed 3-15-2011)
Statutory reference:
   Related provisions, see KRS 91a.080(3),(10)
§ 114.04 DUE DATE; INTEREST.
   (A)   All license fees imposed by this chapter shall be due no later than 30 days after the end of each calendar quarter.
   (B)   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).
(Prior Code, § 114.04) (Ord. passed 10-29-1984)
Statutory reference:
   Related provisions, see KRS 91a.080(8),(9)
§ 114.05 WRITTEN BREAKDOWN OF COLLECTIONS.
   Every insurance company subject to the license fees imposed by this chapter 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:
   (A)   Casualty;
   (B)   Automobile;
   (C)   Inland marine;
   (D)   Fire and allied perils;
   (E)   Health; and
   (F)   Life.
(Prior Code, § 114.05) (Ord. passed 10-29-1984)
Statutory reference:
   Related provisions, see KRS 91a.080(8)
§ 114.06 EFFECTIVE DATE OF TAX; FEE.
   The City Council may change the license fee or rate of tax hereunder to be effective July 1 of each year on prospective basis only.
(Prior Code, § 114.06) (Ord. 2005-01, passed 1-24-2005; Ord. 2011-02, passed 3-15-2011)
§ 114.07 FILING OF NOTICE.
   The City Clerk/Treasurer shall file a copy of this chapter, and any amendment thereto, to the Commissioner of Insurance at least 100 days prior to the effective date. The Commissioner of Insurance shall promptly notify each insurance company engaged in the business of insurance in the commonwealth that the city has elected to impose this license fee or tax and the current amount of this license fee or rate of tax.
(Prior Code, § 114.07) (Ord. 2005-01, passed 1-24-2005; Ord. 2011-02, passed 3-15-2011)
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