(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 calendar year 2019 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 corporate limits of the city shall be 3% of the first year's premiums collected within each calendar quarter by reason of the issuance of such policies. The 3% rate shall be effective July 1, 2019.
(C) The license fee imposed upon each insurance company which issues any insurance policy which is not a life insurance policy shall be 3% 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 whose classes of business which such company is authorized to transact, less all premiums returned to policy holders. There is also hereby imposed upon each insurance company doing business within the corporate limits of the city a minimum fee of $5.00 per calendar quarter, when the percentage fees noted above are less than $5.00 per calendar quarter. Any license fee or tax imposed upon premium receipts shall not include premiums excluded from license fees or taxes by the provisions of KRS 91A.080.
(D) All license fees imposed by this section shall be due no later than 30 days after the end of each calendar quarter. 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). In addition, the city hereby assesses a 10% penalty for a tax or fee not paid within 30 days after the due date.
(E) Every insurance company subject to the license fees imposed by this section 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:
(1) Casualty;
(2) Automobile;
(3) Inland marine;
(4) Fire and allied perils;
(5) Health;
(6) Life.
(F) The provisions of KRS 91A.080 are hereby adopted by reference; that statute provides for regulation by the Department of Insurance and includes penalties for violation of this section.
(G) All taxes, fees and interest received by the city pursuant to the provisions of this chapter shall be deposited in the general fund of the city and used for the general operating expenses of the city.
(Ord. 2019-03, passed 3-14-2019; Ord. 2021-01, passed 3-8-2021)