KRS § 136.330 Tax on premium receipts life insurance company -- Exception.
AI-assisted research summary: Life insurance companies doing business in the state must file an annual sworn premium-receipts statement with the Department of Revenue by March 1, and premium receipts are taxed at specified rates, with an exemption for state employee health insurance contracts.
136.330 Tax on premium receipts life insurance company -- Exception. (1) Every life insurance company doing business in this state, other than fraternal assessment life insurance companies, shall, by March 1 of each year, return to the Department of Revenue a statement under oath of all premium receipts on business done in this state during the preceding calendar year or since the last return was made. "Premium receipts" includes single premiums, annuity premiums, premiums received for original insurance, premiums received for renewal, revival or reinstatement of the policies, annual and periodical premiums, dividends applied for premiums and additions, and all other premium payments received on policies that have been written in this state, or on the lives of residents of this state, or out of this state on business done in this state, less returned premiums. No deduction shall be made for dividends on life insurance or annuity policies, but dividends on accident and health insurance policies may be deducted. Premium receipts shall not include annuity premiums or annuity dividends beginning in calendar year 2000. (2) (a) An annual tax on premium receipts shall be imposed against every company making a return under this subsection for calendar years beginning before 2000 at a rate of two dollars ($2) upon each one hundred dollars ($100) of premium receipts. (b) An annual tax on premium receipts shall be imposed against every company making an election pursuant to KRS 136.335 to be taxed under this section, and every company making a return under this section, for calendar years beginning in 2000 as follows: 1. For calendar year 2000, one dollar and ninety cents ($1.90) upon each one hundred dollars ($100) of premium receipts; 2. For calendar year 2001, one dollar and eighty cents ($1.80) upon each one hundred dollars ($100) of premium receipts; 3. For calendar year 2002, one dollar and seventy cents ($1.70) upon each one hundred dollars ($100) of premium receipts; 4. For calendar year 2003, one dollar and sixty cents ($1.60) upon each one hundred dollars ($100) of premium receipts; and 5. For calendar year 2004 and each calendar year thereafter, one dollar and fifty cents ($1.50) on each one hundred dollars ($100) of premium receipts. (3) The health insurance contract or contracts for state employees as authorized by KRS 18A.225 shall not be subject to taxation under this section. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 85, sec. 321, effective June 20, 2005. -- Amended 2001 Ky. Acts ch. 164, sec. 6, effective June 21, 2001. -- Amended 1998 Ky. Acts ch. 82, sec. 15, effective July 15, 1998; and ch. 233, sec. 2, effective July 15, 1998. -- Amended 1988 Ky. Acts ch. 5, sec. 9, effective July 15, 1988. -- Amended 1986 Ky. Acts ch. 496, sec. 7, effective August 1, 1986. -- Amended 1984 Ky. Acts ch. 23, sec. 5, effective July 13, 1984. -- Amended 1966 Ky. Acts ch. 187, Part IV, sec. 1. -- Amended 1962 Ky. Acts ch. 208, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4226.