(A) There is hereby imposed on each insurance company a license fee for the privilege of engaging in the business of insurance with the corporate limits of the city.
(B) The license fee imposed on each insurance company which issues life insurance policies on the lives of persons residing within the corporate limits of the city shall be 7% on the premiums actually collected within each calendar quarter by reason of the issuance of such policies.
(C) The license fee imposed on each insurance company which issues any insurance policy which is not a life insurance policy shall be 7% 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; however, no license fee or tax shall be imposed on the insurance policies that are exempt per KRS 91A.080(10).
(D) All license fees imposed by this section 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), plus a penalty of 10%.
(E) Every insurance company subject to the license fee imposed by this section 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:
(1) Casualty;
(2) Automobile;
(3) Inland marine;
(4) Fire and allied permits;
(5) Health; and
(6) Life.
(F) This section shall become effective July 1, 2017.
(Ord. 595, passed 11-13-1984; Ord. 800-15, passed 3-12-2015; Ord. 815-17, passed 3-13-2017)