(A) There is hereby imposed upon each insurance company a license fee for the privilege of engaging in the business of insurance within the municipal boundaries of the city, for the fiscal year beginning July 1, 2018, and thereafter on a calendar year basis.
(B) The license fee imposed upon each insurance company which issues any insurance policy which is not a life or health insurance policy shall be four and one-half percent (5.0%) of the premium actually collected within each calendar quarter by reason of the issuance of such policies on the risk located within the municipal boundaries of the City of Mt. Washington, on those classes of business which such company is authorized to transact, less all premiums returned to policy holders; however, any license fee imposed upon premiums receipts shall not include premiums received for insuring employers against liability for personal injuries to their employees, or death caused thereby, under provisions of the Workers’ Compensation Act and shall not include premiums from policies of health insurance.
(C) All license fees imposed by this section shall be due and payable to the City of Mt. Washington and shall be paid at the address indicated in the insurance premiums license fee returned no later than thirty (30) days after the end of the calendar quarter. License fees which are not paid to the city in the manner prescribed on or before the due date shall bear interest at the rate defined in KRS 131.010(6).
(D) Every insurance company subject to license fees imposed by this section shall annually, by March 31, furnish to the city at the address indicated in the insurance premiums license fee return, a written breakdown of all collections in the preceding calendar year for the following categories of insurance:
(1) Casualty;
(2) Automobile;
(3) Inland Marine;
(4) Fire and allied perils.
(E) All sums collected pursuant to the terms of this section shall be deposited to the General Fund Account of said city to be used for the purpose of paying salaries of officers and employees, for repair and maintenance of streets, public ways, and public buildings in said city; to pay for lighting city streets; and to pay all proper charges and legal demands against the city.
(Ord. 08-09, passed 3-10-08; Am. Ord. 15-02, passed 2-9-15; Am. Ord. 18-02, passed 2-12-18)