(A) Time for making claim of overpayment; loss of claim. An insurance company which has paid to the city the license fee for the privilege of engaging in the business of insurance within the corporate limits of the city, as required by this chapter, and which believes it has paid an amount in excess of the amount due, shall notify the city of such claim by delivering notice to the Chief Administrative Officer in the form described in division (B) of this section, within 365 days of the date which said fee was paid. Failure of an insurance company to deliver notice in the required form within such time shall forever bar any claim of overpayment by the insurance company.
(B) Elements of claim. The notice delivered to the city shall contain the following elements:
(1) Name and principal place of business of the insurance company at the time the license fee in question was paid and at the time notice was made.
(2) As to the license fee in question; the amount of license fee paid; the date upon which the license fee was paid; and, the date upon which the license fee was due.
(3) A statement that the insurance company believes that the amount of the license fee it paid is incorrect.
(4) A statement identifying the amount which the insurance company believes is the correct license fee.
(5) A detailed explanation identifying each element of the calculation which led to the determination of the amount of the license fee which the insurance company paid, and each element which leads to the determination of the amount of license fee which the insurance company believes is correct.
(6) A detailed explanation identifying the alleged error in calculating the license fee which the insurance company paid and how the alleged error arose.
(C) Review of claim. The Chief Administrative Officer of the city shall review the notice submitted by the insurance company and determine the correct amount of license fee due for the specified period. The Office shall then notify the insurance company of the Officer's determination.
(D) Results following review.
(1) If the Chief Administrative Officer determines that an overpayment was made, the insurance company may recover the amount of overpayment as determined by the Officer only as a credit in calculating the license fee due for the calendar quarter following the date of the Officer's determination. If the amount of license fee which would be due in said quarter, without consideration of the credit, is less than the credit, the insurance company shall make use of such portion of the credit as is necessary to reduce the license fee for the quarter to zero. Any unused portion of the credit shall be carried forward and applied, to the maximum amount possible, in each subsequent quarter until the credit is exhausted.
(2) If, however, the insurance company has ceased doing business at the time of the notice of overpayment, the insurance company shall be entitled to receive the amount of overpayment as calculated by the Officer in the form of a refund from the city. If the amount of refund exceeds $25,000, the city, in its discretion, may refund the entire amount in a single payment or may refund the amount as four equal payments paid one per quarter for the following four quarters.
(3) If the Chief Administrative Officer for the city determines that no overpayment was made, the Officer shall notify the insurance company of such determination.
(4) In no event shall the insurance company be entitled to interest on any overpayment.
(Ord. 574-2019, passed 3-18-19)