CHAPTER 113: INSURANCE COMPANIES
Section
   113.01   Intent and definitions
   113.02   Statement of premiums collected
   113.03   Basis of fee for life insurance and other policies
   113.04   Amount of fee
   113.05   Due date; interest and penalties
   113.06   Use of funds
   113.07   License tax imposed
§ 113.01 INTENT AND DEFINITIONS.
   (A)   This chapter is intended to exercise the city’s rights as granted in KRS 91A.080 and all definitions and interpretations shall be the same as those under said statute.
   (B)   The word PREMIUM as used in this chapter shall include any assessment collection by any said insurance company on or any payment made to it as herein provided for insurance on property, persons, or risks within the corporate limits of the city.
(Ord. 2005-014, passed 12-12-05)
§ 113.02 STATEMENT OF PREMIUMS COLLECTED.
   On or before March 31 of each year, each insurance company doing business in the city shall file in the office of the City Clerk a statement of all premiums collected 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.
(Ord. 2005-014, passed 12-12-05)
§ 113.03 BASIS OF FEE FOR LIFE INSURANCE AND OTHER POLICIES.
   (A)   The license tax imposed by this chapter upon an insurance company with respect to life insurance policies shall be based upon the first year’s premium and shall be applied to the amount of such premiums actually collected within each calendar quarter upon the lives of persons residing within the city limits.
   (B)   The license tax imposed by this chapter upon any insurance company with respect to any policy which is not a life insurance policy shall be based upon the premium actually collected by such company within each calendar quarter 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, the license tax imposed upon premium receipts shall not include those which are:
      (1)   Based on premiums for Workers Compensation insurance or for policies of group health insurance for state employees under KRS 18A.225(2) and 18A.228;
      (2)   Based on premiums for health insurance policies paid by individuals or premiums for policies issued through Kentucky Access as created in KRS 304.17(B)-005;
      (3)   Based on premiums paid to insurers of municipal bonds, leases or other debt instruments issued by or on behalf of a city, county, charter county government, urban county government, consolidated local government, special district, non-profit corporation or other political subdivision of the Commonwealth of Kentucky. This exemption does not apply if the debt instruments are issued for profit or on behalf of a non-profit or profit organization.
(Ord. 2005-014, passed 12-12-05)
§ 113.04 AMOUNT OF FEE.
   Thirty days after the end of each calendar quarter, each company shall pay to the city a license tax of a sum equal to 10% of the premiums received, less the deductions set out in § 113.03.
(Ord. 2005-014, passed 12-12-05)
§ 113.05 DUE DATE; INTEREST AND PENALTIES.
   Any license tax not paid on or before March 1 of each year shall bear interest at the tax rate as defined in KRS 131.101(6) from the date due until paid. Such interest payable to the city is separate of penalties provided for by KRS 91A.080.
(Ord. 2005-014, passed 12-12-05)
§ 113.06 USE OF FUNDS.
   The money derived from the license fee herein levied shall be used for general purposes.
(Ord. 2005-014, passed 12-12-05)
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