§ 110.02 AMOUNT OF FEE FOR COMPANIES ISSUING LIFE INSURANCE.
   The license fee shall be based upon the following:
   (A)   Premiums. PREMIUMS is defined as premiums actually collected by an insurance company within each calendar quarter by reason of the issuance of policies and contracts of insurance on risks located within the city and includes premiums on new policies and contracts of insurance and on renewal business, as well as all other classes of premiums, less all premiums returned to policyholders.
   (B)   (1)   Except as otherwise provided in division (C) below, the license fee imposed upon each insurance company which issues any insurance policy or contract of insurance shall be the following percentage of premiums on those classes of insurance which such company is authorized to issue (the “base fee”):
 
Fire and Allied Perils
Casualty Liability Only
Vehicle
Inland Marine
Health
Life
All Other Risks Taxed
Initial Rate
5%
5%
5%
5%
5%
5%
5%
 
      (2)   The base fee shall not apply to premiums exempted by state or federal law.
   (C)   In addition to the base fee, an additional license fee is hereby imposed upon each insurance company with respect to premiums, which additional license fee shall be equal to the amount by which the credit for city LGPT is allowable under KRS 91A.080(12), against the Metro LGPT, in excess of the base fee under division (A) above.
   (D)   Example. The city and Metro currently impose a 5% LGPT on casualty liability premiums. Assume Metro hereafter adopts an ordinance increasing its countywide LGPT rate on casualty liability premiums to 10% and provides that ordinance to the Kentucky Commissioner of Insurance on or before March 23, 2019 (100 days prior to the July 1, 2019 effective date) so that the increase in the Metro LGPT rate will be effective July 1, 2019. Beginning July 1, 2019, the City of Green Spring LGPT rate on casualty liability premiums will also be a total of 10%.
(Ord. 1-1992, passed 3-12-92; Am. Ord. 1-2019, passed 3-21-19)
Statutory reference:
   For similar provisions under state law, see KRS 91A.080(2))