A. License Fee. Every corporation, company and association, not incorporated under the laws of the state and which is engaged in effecting fire insurance in the Village, shall pay to the Village annually, at the time of filing the report required by this chapter, as a license fee, a sum equal to two percent of the gross receipts received by such corporation, company or association or its agent from fire insurance upon property situated within the Village.
B. Annual Reports. Every person acting as agent or otherwise for or on behalf of any such corporation, company or association, as set out in the preceding subsection, shall on or before the fifteenth day of July of each year, file with the Village Manager, or with such agent as he or she shall designate, a full report verified under oath, of all the premiums which during the year ending on the first of July preceding such report shall have been received by him or her, or any other person for him or her, in behalf of any such corporation, company or association, and shall fully and specifically set out in such report the amounts received as premiums for fire insurance; provided, however, that in cases where a firm acts as agent or otherwise, the verified report may be made by one member on behalf of such firm. This report shall be provided to the Treasurer of the Village Foreign Fire Insurance Board.
C. Transaction of Business. If the report required by the preceding subsection is not filed on or before the day designated for that purpose, or if the amount of the license fee shall remain unpaid after such date, it is unlawful for any such corporation, company or association to transact any business of fire insurance in the Village until the requirements of this chapter have been fully complied with, but this provision shall not relieve any such corporation, company or association from the payment of any risk that may be taken in violation of this chapter.
D. Disposition of Funds. All sums received under this chapter shall be deposited into a separate account maintained for the Village Foreign Fire Insurance Board.
The Treasurer of the Village Foreign Fire Insurance Board shall, with the assistance of the Village Treasurer and Finance Director, pay out the funds received pursuant to this chapter upon the order of the Foreign Fire Insurance Board and in accordance with Chapter 3.24 of this Code and the Village’s purchasing policies for the maintenance, use and benefit of the Village Fire Department.
(Prior code § 32.02) (MC-5-2015, § 3, Amended, 08/04/2015)