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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)
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)
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)
The license fee or tax established by this chapter is imposed and levied for the purpose of general revenue funds and shall be paid into the General Fund of the city. The City Clerk is instructed to advise the Department of Insurance that all monies collected is the property of, and shall be forwarded to, the City of West Buechel.
(Ord. 288-2021, passed 3-8-21)