There is hereby imposed on each insurance company a license fee (hereinafter referred to as a local government premiums tax, “LGPT”) for the privilege of engaging in the business of insurance within the corporate limits of the city, on a calendar-year basis, based upon the following:
(A) “PREMIUMS” is defined as premiums actually collected by an insurance company within each calendar quarter by reason of the issuance of policies and contracts of insurance on risks located within the city and includes premiums on new policies and contracts of insurance and on renewal business, as well as all other classes of premiums, less all premiums returned to policyholders.
(B) The license fee imposed upon each insurance company which issues any insurance policy or contract of insurance shall be the following percentage of premiums on those classes of insurance which such company is authorized to issue (the “base fee”):
Fire and Allied Perils | Casualty Liability Only | Vehicle | Inland Marine | Health | Life | All Other Risks Taxed | |
Base Rate | 12.5% | 12.5% | 12.5% | 12.5% | 1% | 12.5% | 12.5% |
The base fee shall not apply to premiums exempted by state or federal law.
(Ord. 3-1991, passed 3-25-91; Am. Ord. 2-2019, passed 3-11-19; Am. Ord. 3-2021, passed 3-17-22)