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§ 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)
§ 112.06 LICENSE FEE RATE FOR LIFE INSURANCE POLICIES.
   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)
§ 112.07 LICENSE FEE DUE AFTER EACH CALENDAR QUARTER.
   The license fees provided for by this chapter shall be due 30 days after the end of each calendar quarter.
(Ord. 288-2021, passed 3-8-21)
§ 112.08 WRITTEN BREAKDOWNS OF COLLECTIONS.
   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)
§ 112.09 INTEREST DUE ON UNPAID LICENSE FEES.
   Any license fee not paid on or before the due date shall bear interest, at the tax interest rate as defined in KRS 131.010(6), from the date due until paid. Such interest payable to the city is separate of any penalties provided for in KRS 91A.080(7).
(Ord. 288-2021, passed 3-8-21)
§ 112.10 EXEMPTIONS.
   Specifically excluded from the license fees imposed herein are premiums received on policies of group health insurance provided for state employees under KRS 18A.225, and premiums received on health insurance policies issued to individuals, and premiums on polices issued through Kentucky Access created in KRS 304.178-005.
(Ord. 288-2021, passed 3-8-21)
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