(A) There is imposed on each insurance company an annual license for the privilege of engaging in the business of insurance within the city.
(B) 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 five percent (5%) of the first year's premiums actually collected within each calendar quarter by reason of the issuance of those policies.
(C) The license fee imposed upon each insurance company which issues any insurance policy which is not a life insurance policy shall be five percent (5%) of the premiums actually collected within each calendar quarter by reason of the issuance of those policies on risks located within the corporate limits of the city on those classes of business which that company is authorized to transact, less all premiums returned to policy holders. However, any license fee or tax imposed upon premium receipts shall not include premiums received for insuring employers against liability for personal injuries to their employees, or death caused thereby, under the provisions of the Workers' Compensation Act and shall not include premiums received on policies of group health insurance provided for state employees under KRS 18A.225(2).
(Ord. - -, passed 11-1-84)
Statutory reference:
License tax on insurance companies, see KRS 91A.080