Kentucky Statutes 136.330 – Tax on premium receipts life insurance company — Exception
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(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.
(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
Terms Used In Kentucky Statutes 136.330
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Oath: A promise to tell the truth.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
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.