(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)