136.390 Tax on insurance companies other than stock or mutual.

240 words·~1 min read·/ky/chapter-136/136-390

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)All associations of underwriters authorized under KRS 304.3-040, 304.3-140,

304.28-010, 304.28-030, 304.28-040, and 304.28-050, and their representatives,

shall make the same reports as are required of foreign stock insurance companies

and their representatives transacting the same or similar kinds of insurance business

in this state, and shall pay the same taxes as are required to be paid by such

companies.

(2)All foreign mutual assessment companies, associations, individual firms,

underwriters or Lloyd's, having resident members doing business in this state, who

shall enter into contracts of insurance with each other or into agreements to

indemnify each other against losses by fire, lightning, windstorm or other casualties

for which there is no premium charged or collected at the time insurance is made,

shall be deemed to be doing an insurance business in this state, and shall annually,

by July 30, pay to the Department of Revenue a license tax of two dollars ($2) upon

each one hundred dollars ($100) of assessments paid or collected in any one

year. Each resident member shall be liable to the state for the license tax and all

interest and penalties.

(3)No person shall fail or refuse to make a report giving all the data and information

necessary to determine the amount of revenue due under subsection

(2)of this

section, or fail to make the report provided for in subsection

(2)of this section, or

fail to pay the tax due thereon.