Despite best intentions, assigning policies to the proper tax jurisdictions and calculating the correct premium tax amounts based on the line of business (Property & Casualty, Life and Auto), has been a major issue for insurers who write business in Kentucky. This has resulted in class action lawsuits, as well as insurers having to pay fines due to under/over charging for premium taxes.
RiskMeter Online has solved this problem by automating the Kentucky premium tax process. By simply typing in an address, underwriters & agents can get the correct premium tax amount, fee, premium tax code, city code, city name, county, fips code, exemptions, notes and much more!
“Kentucky is one of the more complicated states to accurately assess premium taxes,” explains Dan Munson, Founder, RiskMeter Online. “In Kentucky, taxes are dependent upon one or more jurisdictions and can vary depending on the line of business (Property & Casualty, Life and Auto). To further complicate matters, premium tax amounts can be a flat fee or percentage of the premium. With municipal budgets stretched thin, insurers are under more scrutiny now than ever before. RiskMeter has addressed this problem by providing its users with automated Fire & Municipal Tax reports for 11 states, and solutions (Web browser, batch processing of fully integrated), which best suits carriers’ needs.
For more information about RiskMeter’s Kentucky Premium Tax report, please contact Dan Munson, Founder, RiskMeter Online at 617.737.4444 or firstname.lastname@example.org
RiskMeter Online is used by underwriters and agents to automate property lookups. This Web-based solution utilizes Internet mapping technology to enable underwriters to determine the proximity to natural hazards for any property in the Unites States. It’s far more accurate and faster than any other method for determining property risk, and can save underwriters considerable time and money. The RiskMeter Online provides over 30 real-time reports, including Distance to Coast, FEMA Flood Zones, Rating Territories, Windpool Eligibility, EQECAT Data & Analytics, Individual AAL & PML Reports, Earthquake information and much more. For more information, please visit www.RiskMeter.com