Contact:
James Munson
Director of Consulting Services
RiskMeter Online
860.854.6125
Email
FOR IMMEDIATE RELEASE:
RiskMeter’s Premium Tax Database Verified by the Kentucky Department of Insurance
Boston, MA, August 2009 –CDS
Business Mapping, LLC., a leader in online hazard mapping, today announced
its RiskMeter Online Premium Tax Report has been verified by the Kentucky
Department of Insurance. This report was created in response to Bill HB 524,
which requires insurers to use a verified electronic risk location system
to assess premium taxes by January 1, 2010.
Despite best intentions, assigning policies to the wrong tax jurisdictions
has been a major issue for insurers who write business in Kentucky, and has
resulted in class action lawsuits, as well as insurers having to pay fines
due to over/under charging for premium taxes. The RiskMeter Online has automated
this process and by simply typing in an address, the Risk Meter will assign
the correct premium tax code, city code, city name, county and fips code to
each policy.
“Paying the correct premium taxes on policies has been proven to be
complex and in many cases a very costly endeavor, explains James Munson, Director
of Consulting Services, RiskMeter Online. “This process can be extremely
labor intensive and it can result in fines if it isn’t done properly.
The RiskMeter has been available to customers in KY for more than 7 years
and we are pleased the Kentucky DOI has verified our service, so we may offer
a solution (Web browser, batch processing or fully integrated) which best
suits our customers’ needs,” says Munson.
The RiskMeter Online offers premium tax reports for 11 states and since it’s
Web-based, all updates will be performed by RiskMeter, enabling insurance
IT departments to focus on other internal projects. For more information,
please contact James Munson at 860.854.6125 or Email
About RiskMeter.com
For property underwriters and agents who are looking to increase accuracy,
productivity and overall speed of operations, the RiskMeter Online (www.RiskMeter.com)
is an Internet application used to automate property risk reports. By simply
typing in an address, users can get back natural hazard information for a
given policy location. The RiskMeter can perform more than 30 different reports,
including: distance to coast, rating territory, flood zone, windpool eligibility,
proximity to brush, EQ hazards and much more! For more information, please
visit www.RiskMeter.com
