(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 2002-2003, and thereafter on a fiscal yearly basis.
(B) The license fee imposed upon each life insurance company shall be 10% of the first year premiums received from new policies written upon the lives of persons residing within the corporate limits of the city.
(C) The license fee imposed upon each insurance company other than those specified in division (B) above shall be 10% of the premiums received by such company 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 provisions of this section 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 to premiums received on policies of group health insurance provided for state employees pursuant to KRS 18A.225(2) and 18A.228.
(D) KRS 91a.080 and applicable KAR shall govern assessment and collection of such license fees.
(Ord. 52.09, passed 3-5-02)