In August of 2009 RiskMeter's Kentucky Tax Database was 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.
We would like to let our users know that we can also return historical data and effective dates for this report as well. 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 leverages the latest geocoding technology to enable users to assign the correct premium tax code, city code, city name, county, fips code and much more to each policy by simply entering an address.
Premium Tax Code Reports
Certain states, municipalities, counties and fire districts have set up premium taxes that must be collected and reported by insurers. These taxes require insurers to report to the state the total premiums for each jurisdiction code. The RiskMeter Online can accurately reflect the boundaries of each jurisdiction through the use of geocoding technology.
In addition to providing tax reports for Kentucky, we also provide reports for AL, DE, FL, GA, IL, LA, NJ, NY, SC and TX. For more information, please contact Daniel Munson, Founder, RiskMeter Online at 617.737.4444 or Email |