(A) Life insurance. The license fee or tax imposed upon an insurance company with respect to life insurance policies shall be 8% of the first year premiums actually collected by each insurance company subject to the provisions hereof within each calendar quarter on risks located within the corporate limits of the city.
(B) Insurance other than life insurance. The license fee or tax imposed on insurance companies with respect to any policy of insurance which is not a life insurance policy shall be 8% of the premiums actually collected by the insurance company within each calendar quarter on risks located within the corporate limits of the city on those classes of business which the company is authorized to transact, less all premiums returned to policy holders. In determining the amount of license fee or tax to be collected and to be paid to the city, the insurance company shall use the tax rate effective on the first day of the policy term. When an insurance company collects a premium as a result of a change in the policy during the policy term, the tax rate used shall be the rate in effect on the effective date of the policy change. With respect to premiums returned to policy holders, the license fee or tax shall be returned by the insurance company to the policy holder pro-rata on the unexpired amount of the premiums at the same rate at which it was collected and shall be taken as a credit by the insurance company on its next quarterly report to the city. 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 the death of their employees, caused thereby under the provisions of the Worker's Compensation Act of Kentucky.
(Am. Ord. 1-7-86, passed 7-21-86; Am. Ord. 1-5-88, passed 6-20-88; Am. Ord. 220 (3-9-05), passed 3-9-05)