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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)
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)
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)
The license fee of seven percent (7%) of the premium actually collected, or tax imposed by this chapter upon an insurance company with respect to life insurance policies, shall be based upon the first year’s premiums, and shall be applied to the amount of the premiums actually collected within each calendar quarter upon the lives of persons residing within the corporate limits of the city.
(Ord. 288-2021, passed 3-8-21)
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