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Home My WebLink About84-10-2595178 ORDINANCE NO. 84-10-2595 AN ORDINANCE AMENDING SECTION 17-89, LICENSES, INSURANCE COMPANIES, OF THE CODE OF ORDINANCES OF THE CITY OF PADUCAH, KENTUCKY BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That Section 17-89, Insurance Companies, of the Code of Ordinances be amended and reordained so that said section shall hereafter read as follows: "Sec. 17-89. Insurance Companies. (a) Time of payment of license tax when amount based on premiums. A-1-1 insuranee-tries--fie sg- s-- s- -e �;--w#o--pay--&--14-een&e-t-gxT.- -spas the annus -l- gr-effi g--*ori-ttt�tr-b --std- a ar ies ;--ska��-die--e��ewed-- -o-- ate -eke--tom ia�ese�-b-He-€rs-fie-e-Mei-a€-ase-e-es-woes-�ene�y- All license fees imposed by this section (17-89) shall be due no later than thirty (30) days after the end of each calendar quarter. License fees 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). (b) Life Insurance., Each life insurance company doing business in the City of Paducah shall pay a license tax based upon first year's premiums reee-iVed actually collected from new policies written within the preceding, cs-leftda�r -ye$r calendar quarter upon the .lives of persons residing within the corporate limits of the City of Paducah; in the amount of six (6) percent, ��eease-�e�-fie-fess-��sa-€��e-�e�}er9-{$x.88}-der-�ear- fe}re-�sssreaee---Eeeh-€ire-assreaee-eeffi�say-�eag-bssaess-s-e C-��-e�-�e�t�es�-s�s��-gel-s-l�eesse-des-�sse�-�t�ea-s-�erees�sge-e�-preffi�effis-re- ee��e�-by-�l�e-eeffipsa�-�a��a-��e-greee��ag-es}ewer-deer-der-}assrsr�ee-ea-�re�er�� re�srse�-fie-pal}e�1�e��ers;-�a-es-effiesa�-a€-s��-{g}-der-ees�;-�s�-�a-ae-e�es�-s�Cs�l ��e-��eesse-ass-be-fess-��ss-€}tee-�el�ers-��.-88}-der-dear---A-��re-�sssrssee- eempan-eaerag-e-6-a€-PadseeH-�srag-e-�eease-deer-shs��;-e-e-eat-�tere- sse�-�ereea�ege-�es�s. kd} (c) Other forms of insurance. Each insurance company, other than those specified in subsection (b) and -{e}; doing business in the City of Paducah shall pay a license tax based upon a percentage of the premiums received by the company within the preceding calendar year quarter for Ainsurance on risks located within the corporate limits of the City of Paducah on those classes of business which such company is authorized to transact, less all premiums returned to policy- holders, at a rate of six (6) percent; of the premiums actually collected within each calendar quarter, but iir-ae--eert-se��--sty-id--�eesse--t-a--fie-mess--rhes-e-- provided however, that the license tax shall not include 179 employees, or death caused thereby, under the provisions of the Workmen's Compensation Act of Kentucky and shall not include premiums received on policies of group health insurance provided for state employees under KRS 18A. 225(2). 4e} (d) Collection fee. All insurance companies paying a license tax under this section may collect a reasonable fee to be retained by the insurance company, or its agent, as compensation for collecting such license tax as provided by the Department of Insurance; however, that the collection fee shall not be more than Trh+yty-439} fifteen (15) percent of the fee or tax collected and remitted to the City of Paducah, or two (2) percent of the premiums subject to tax, whichever is less. This collection fee shall be in addition to the license tax provided for in this section. To facilitate computation, collection and remittance of the fees and collection fee provided herein, the fees set out in-srrbgeeierrs-�b}-$r��-{e} heree€ herein, together with the collection fees herein, may be rounded off to the nearest dollar amounts. kf} (e) Surety bond companies license tax. Each fidelity, trust, surety, guaranty or other company or corporation engaged in furnishing bonds or surety of any kind, which bonding companies are not otherwise provided for in this chapter, shall pay a license tax of sixty dollars ($60.00).for each agent having an office or doing business in the City. fig} (f) Sworn statement. No license mentioned in this section shall be issued until the company applying for the same has filed with the license in- spector a swers-statement written breakdown of the amount of premiums received by the insurance company on persons residing or property located within the corporation limits of the City of Paducah during the preceding calendar year ending December thirty-first. �e-srowes-see�aec-sa��-�e-ms�e-e-e-effie-e-g�te�e� SECTION 2. This ordinance shall be effective January 1, 1985. SECTION 3. Due to the necessity of filing a copy of this ordinance with the Department of Insurance sixty (60) days prior to its effective date, an emergency is hereby declared to exist and this ordinance will be effective with one reading. JOE VITERISI Mayor Introduced and adopted by the Board of Commissioners October 9, 1984 Recorded by Lenita Smith, City Clerk, October 9, 1984 Published by The Paducah Sun October 15, 1984.