Kentucky has enacted a law (HB278) to clarify a 2008 law regarding placement of information regarding identification of the amount of local government tax charged and taxing jurisdiction and it requires surplus lines brokers to pay the local government premium tax.
Under the bill, effective July 15, 2010 if the local government premium tax is included in the premium charge to the policyholder, the amount of the local government tax charged for the period and the name of the taxing jurisdiction to which the local premium tax is due must be provided.
For new policies, the information must be on either the: policy, declaration sheet, or initial billing instruments. For renewals, the information must be on either the renewal certificate or the billing instrument for each period for which premium or additional premium is charged to a policyholder by the insurance company.
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