(A) There is hereby imposed on each insurance company a license fee for the privilege of engaging in the business of insurance within the unincorporated areas of the county, beginning July 1, 2024, and thereafter on a calendar-year basis.
(B) The license fee imposed upon each insurance company which issues life insurance policies on the lives of persons residing within the unincorporated areas of the county shall be 9% of the first year’s premiums 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 9% of the premiums actually collected by such company within each calendar quarter by reason of the issuance of such policies on risks located within the unincorporated areas of the county on those classes of business which such company is authorized to transact, less all premiums returned to policy holders. This tax shall include the premiums on new policies and contracts of insurance and on renewal business, as well as all other classes of premiums. Any license fee or tax imposed upon premium receipts shall not include premiums received for insuring employers against libiability for personal injuries to their employees, or death caused thereby, under the provisions of the Worker’s Compensation Act, being KRS Ch. 342.
(Ord. 16 (2006), passed 12-1-2006; Ord. 18-2023, passed 11-21-2023)