(A) The license tax imposed by this chapter upon an insurance company with respect to life insurance policies shall be based upon the first year's premium and shall be applied to the amount of such premiums actually collected within each calendar quarter upon the lives of persons residing within the city limits.
(B) The license tax imposed by this chapter upon any insurance company with respect to any policy which is not a life insurance policy shall be based upon the premiums actually collected by such company within each calendar quarter on risks located within the corporation limits of the city on those classes of businesses which such company is authorized to transact, less all premiums returned to policyholders; however, the license tax imposed upon premiums receipts shall not include premiums received for insuring employees against liability for personal injuries to their employees, or death caused thereby, under the provisions of the worker's compensation act.
(C) Thirty days after the end of each calendar quarter, each company shall pay to the city a license tax of a sum equal to 5% of the said premiums received, less the deductions hereinabove set out. There shall be no refund or proration made on account of cancellation of any insurance policy.
(Ord. 2007-001, passed 1-17-2006)