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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)
Every insurance company subject to the license fees imposed by this chapter shall annually, by March 31, furnish the city with a written breakdown of all collections in the preceding calendar year for the following categories of insurance:
(A) Casualty;
(B) Automobile;
(C) Inland marine;
(D) Fire and allied perils;
(E) Health; and
(F) Life.
(Ord. 288-2021, passed 3-8-21)
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