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(A) The Department of Insurance shall, pursuant to regulation provide for a reasonable collection fee to be retained by the insurance company, or its agent, as compensation for collecting such tax; provided, however, that the collection fee shall not be more than fifteen percent (15%) of the fee or tax collected and remitted to the city or two percent (2%) of the premiums subject to the tax, whichever is less. To facilitate computation, collection and remittance of the fee or tax and collection fee provided for herein, the fees or taxes set forth herein, together with the collection fee provided herein, may be rounded off to the nearest dollar amount.
(B) Appropriate accounting and reporting procedures for the collection and reporting of the fees or taxes and the collection fee herein provided shall be determined by regulations promulgated by the Department of Insurance.
(Ord. passed 4-23-90)