The Department of Insurance shall, pursuant to regulation, provide for a reasonable collection fee to be retained by the insurance company, or its agent, as compensation for collecting such tax. However, the collection fee shall not be more than 15% of the fee or tax collected and remitted to the city or 2% of the premiums subject to the tax, whichever is less. To facilitate computation, collection and remittance of the fee or tax and collection fee provided for herein, the fees or taxes set forth in this chapter, together with the collection fee provided herein, may be rounded off to the nearest dollar amount.
(Ord. 015-183, passed 5-11-2015)