(A) There is hereby imposed on each insurance company a license fee or tax for the privilege of engaging in the business of insurance within the city.
(B) The license fee or tax imposed upon an insurance company with respect to life insurance policies shall be 10% and based upon the first year’s premiums only. The license fee or tax shall be applied to the amount of the premiums actually collected within each calendar quarter upon the lives of persons residing within the city.
(C) Except as provided in § 113.03 of this chapter, the license fee or tax imposed upon each insurance company with respect to any insurance policy which is not a life insurance policy shall be 10% of the premiums actually collected within each calendar quarter by reason of the issuance of such policies on risks located within the city. The license fee or tax shall apply only to those classes of business which such insurance company is authorized to transact, less all premiums returned to policyholders.
(Ord. 2016-02, passed 2-16-2016)