(A) Insurance companies.
(1) Gross premiums.
(a) Except as to fire insurance, GROSS PREMIUMS means gross premiums written for policies for property or a risk located within the municipality. In addition, GROSS PREMIUMS shall include premiums written for policies that are sold, solicited, negotiated, taken, transmitted, received, delivered, applied for, produced, or serviced by the insurance company’s office located in the municipality, the insurance company’s employee conducting business within the municipality, or the office of the insurance company’s licensed or appointed producer (agent) conducting business within the municipality, regardless of where the property or risk is located, provided no tax has been paid to another municipality in which the property or risk is located based on the same premium.
(b) Solicitation for insurance, receiving or transmitting an application or policy, examination of a risk, collection or transmitting of a premium, adjusting a claim, delivering a benefit, or doing any act in connection with a policy or claim shall constitute conducting business within the municipality, regardless of whether or not an office is maintained in the municipality.
(c) As to fire insurance, GROSS PREMIUMS means gross premiums:
1. Collected in the municipality; and/or
2. Realized from risks located within the limits of the municipality.
(d) Gross premiums shall include all business conducted in the prior calendar year.
(e) Gross premiums shall include new and renewal business without deductions for any dividend, credit, return premiums, or deposit.
(f) Declining rates shall not apply.
(SIC Code 63 or NAICS Code 5241)
(2) Life, health, and accident. 0.75% of gross premiums. (SIC Code 631-632 or NAICS Code 52411)
(3) Fire and casualty. 2% of gross premiums. (SIC Code 633-635 or NAICS Code 524126)
(4) Title insurance. 2% of gross premiums. (SIC Code 636 or NAICS Code 524127)
(B) Due date; delinquent payment penalty. Notwithstanding any other provisions of this section, license taxes for insurance companies shall be payable on or before May 31 in each year without penalty. The penalty for delinquent payments shall be 5% of the tax due per month, or portion thereof, after the due date until paid.
(C) Interstate commerce. Any exemptions in the business license ordinance for income from business in interstate commerce are hereby repealed. Gross income from interstate commerce shall be included in the gross income for every business subject to a business license tax.
(D) Administration. Pursuant to S.C. Code §§ 38-45-10 and 38-45-60, the Municipal Association of South Carolina is designated the municipal agent for purposes of administration of the municipal broker’s premium tax. The agreement with the Association for administration and collection of current and delinquent license taxes from insurance companies as authorized by S.C. Code § 5-7-300 and administration of the municipal broker’s premium tax in the form attached hereto is approved, and the Mayor is authorized to execute it.
(Ord. 2012-17, passed 11-15-2012)