CHAPTER 113:
LICENSE TAX ON INSURANCE COMPANIES
CHAPTER 113: LICENSE TAX ON INSURANCE COMPANIES
Section
113.01 Imposition of license tax
113.02 Amount of tax for companies issuing life insurance
113.03 Amount of tax for companies issuing policies other than life insurance.
113.04 Due date; interest
113.05 Written breakdown of collections
§ 113.01 IMPOSITION OF LICENSE TAX.
There is hereby imposed on each insurance company a license tax for the privilege of engaging in the business of insuring within the corporate limits of the city, on a calendar-year basis. This license tax shall not apply to any policy that insures property used exclusively for religions, educational, or charitable purposes.
(Ord. 13-9, passed 1-22-14)
§ 113.02 AMOUNT OF TAX FOR COMPANIES ISSUING LIFE INSURANCE.
The license tax imposed upon each insurance company which issues life insurance policies on the lives of persons residing within the corporate limits of the city shall be 12% of the first year's premiums actually collected within each calendar quarter by reason of the issuance of such policies.
§ 113.03 AMOUNT OF TAX FOR COMPANIES ISSUING POLICIES OTHER THAN LIFE INSURANCE.
The license tax imposed upon each insurance company which issues any insurance policy which is not a life insurance policy shall be 12% of the premiums actually collected within each calendar quarter by reason of the issuance of such policies on risks located within the corporate limits of the city on those classes of business which such company is authorized to transact, less all premiums returned to policyholders; however, any license fee or tax imposed upon premium receipts shall not include premiums received for insuring employers against liability for personal injuries to their employees, or death caused thereby, under the provisions of the Worker's
Compensation Act and shall not include premiums received on policies of group health insurance provided for state employees under KRS 18A.225 (2). (AM. Ord. 00-08, passed 6-14-02)
§ 113.04 DUE DATE; INTEREST.
All license taxes imposed by this chapter shall be due no later than 30 days after the end of each calendar quarter. License taxes which are not paid on or before the due date shall bear interest at the tax interest rate as defined in KRS 131.010 (6).
§ 113.05 WRITTEN BREAKDOWN OF COLLECTIONS.
Every insurance company subject to the license tax imposed by this chapter shall annually, by March 31, furnish the city 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
(F) Life.
§ 113.06 REFUND PROCEDURE
No insurance company shall be entitled to a refund or subsequent set-off for any license fee erroneously paid unless the request for the refund be made to the City of New Castle in writing within 18 months of the end of the calendar year in which said license fee is paid. Additionally, said request shall be accompanied by supporting documentation which shall include the following:
(A) The name and address of each and every insured upon whom the license
was erroneously paid.
(B) The type of risk being insured against.
(C) The amount of the insured premium charged by the company.
(D) Such other information as may be reasonably requested by the City of
New Castle, Kentucky.
Section
113.01 Imposition of license tax
113.02 Amount of tax for companies issuing life insurance
113.03 Amount of tax for companies issuing policies other than life insurance.
113.04 Due date; interest
113.05 Written breakdown of collections
§ 113.01 IMPOSITION OF LICENSE TAX.
There is hereby imposed on each insurance company a license tax for the privilege of engaging in the business of insuring within the corporate limits of the city, on a calendar-year basis. This license tax shall not apply to any policy that insures property used exclusively for religions, educational, or charitable purposes.
(Ord. 13-9, passed 1-22-14)
§ 113.02 AMOUNT OF TAX FOR COMPANIES ISSUING LIFE INSURANCE.
The license tax imposed upon each insurance company which issues life insurance policies on the lives of persons residing within the corporate limits of the city shall be 12% of the first year's premiums actually collected within each calendar quarter by reason of the issuance of such policies.
§ 113.03 AMOUNT OF TAX FOR COMPANIES ISSUING POLICIES OTHER THAN LIFE INSURANCE.
The license tax imposed upon each insurance company which issues any insurance policy which is not a life insurance policy shall be 12% of the premiums actually collected within each calendar quarter by reason of the issuance of such policies on risks located within the corporate limits of the city on those classes of business which such company is authorized to transact, less all premiums returned to policyholders; however, any license fee or tax imposed upon premium receipts shall not include premiums received for insuring employers against liability for personal injuries to their employees, or death caused thereby, under the provisions of the Worker's
Compensation Act and shall not include premiums received on policies of group health insurance provided for state employees under KRS 18A.225 (2). (AM. Ord. 00-08, passed 6-14-02)
§ 113.04 DUE DATE; INTEREST.
All license taxes imposed by this chapter shall be due no later than 30 days after the end of each calendar quarter. License taxes which are not paid on or before the due date shall bear interest at the tax interest rate as defined in KRS 131.010 (6).
§ 113.05 WRITTEN BREAKDOWN OF COLLECTIONS.
Every insurance company subject to the license tax imposed by this chapter shall annually, by March 31, furnish the city 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
(F) Life.
§ 113.06 REFUND PROCEDURE
No insurance company shall be entitled to a refund or subsequent set-off for any license fee erroneously paid unless the request for the refund be made to the City of New Castle in writing within 18 months of the end of the calendar year in which said license fee is paid. Additionally, said request shall be accompanied by supporting documentation which shall include the following:
(A) The name and address of each and every insured upon whom the license
was erroneously paid.
(B) The type of risk being insured against.
(C) The amount of the insured premium charged by the company.
(D) Such other information as may be reasonably requested by the City of
New Castle, Kentucky.
