The license fee imposed upon each insurance company which issues life insurance policies on the lives of persons residing within the corporate limits of the city shall be 10% of the first year’s premiums actually collected within each calendar quarter by reason of the issuance of such policies.
(Ord. 3-1984, passed 9-18-1984)
(A) The license fee imposed upon each insurance company which issues 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 corporate limits of the city on those classes of business which such company is authorized to transact, less all premiums returned to policy holders.
(B) Any license fee or tax imposed upon premium receipts shall not include premiums are received for insuring employers against liability for personal injuries to their employees, or death caused thereby, under the provisions of the Worker’s Compensation Act, being KRS Chapter 342, and shall not include premiums received on policies of group health insurance provided for state employees under KRS 18A.225(2) and 18A.228, or the premiums paid to any state employee benefit fund created pursuant to KRS Chapter 18A, for the purpose of providing health benefits to state employees.
(Ord. 3-1984, passed 9-18-1984)
All license fees imposed by this chapter shall be due no later than 30 days after the end of each calendar quarter. License fees which are not paid on or before the due date shall bear interest at the tax interest rate as defined in KRS 131.010(6).
(Ord. 3-1984, passed 9-18-1984)
Every insurance company subject to the license fees imposed by this chapter shall annually, by March 31, furnish the city with a written breakdown of all collections in the preceding calendar year for the following categories of insurance:
(A) Casualty;
(B) Automobile;
(C) Inland marine;
(D) Fire and allied perils;
(E) Health; and
(F) Life.
(Ord. 3-1984, passed 9-18-1984)