For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
INSURANCE COMPANY. Any entity authorized to transact insurance business in the Commonwealth of Kentucky in accordance with KRS Chapter 304. Also included within the definition of an INSURANCE COMPANY is any surplus lines broker licensed in accordance with KRS Chapter 304, Subtitle 10.
LOCAL GOVERNMENT. A city, county, charter county, consolidated local government, urban-county government, or unified local government that imposes a license fee or tax upon insurance premium receipts.
PREMIUM. The consideration paid to obtain insurance, by whatever name called. Any assessment, or any membership, policy, survey, inspection, service or similar fee or other charge in consideration for an insurance contract is deemed part of the premium. (KRS 304.14-030)
(Ord. 2020-01, passed 2-10-2020)