CHAPTER 112: INSURANCE COMPANIES   
Section
   112.01   Imposition of license fee
   112.02   Amount of fee
   112.03   Tax rate
   112.04   Tax on premiums returned to policyholders
   112.05   Workers’ compensation premiums
   112.06   License fee rate for life insurance policies
   112.07   License fee due after each calendar quarter
   112.08   Written breakdown of collections
   112.09   Interest due on unpaid license fees
   112.10   Exemptions
   112.11   Fees to be paid to General Fund
 
      
Cross reference:
   License fee for agency, see § 110.02(K)
      
Statutory reference:
   License tax on insurance companies, see KRS 91A.080
§ 112.01 IMPOSITION OF LICENSE FEE.
   There is created a license fee to be imposed upon any insurance company with respect to any policy that is not a life insurance policy, based upon seven percent (7%) of the premiums actually collected by the company within each calendar quarter on risk located within the corporate limits of the city, on those classes of business that the company is authorized to transact, less all premiums returned to policyholders. In the event that Metro Louisville shall impose a higher percentage than seven percent (7%), either as a fee or tax, then the rate imposed herein shall be automatically increased to equal but not exceed the rate imposed by Metro Louisville.
(Ord. 288-2021, passed 3-8-21)
§ 112.02 AMOUNT OF FEE.
   In determining the amount of license fee to be collected and paid to the city, the insurance company shall use the tax rate effective on the first day of the policy term.
(Ord. 288-2021, passed 3-8-21)
§ 112.03 TAX RATES.
   When an insurance company collects a premium as a result of the 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.
(Ord. 288-2021, passed 3-8-21)
§ 112.04 TAX ON PREMIUMS RETURNED TO POLICYHOLDERS.
   With respect to premiums returned to policyholders, the license fee or tax shall be returned by the insurance company to the policyholder pro rata on the unexpired amount of the premium 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.
(Ord. 288-2021, passed 3-8-21)
§ 112.05 WORKERS’ COMPENSATION PREMIUMS.
   The license fee 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 Workers’ Compensation Act.
(Ord. 288-2021, passed 3-8-21)
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