Kentucky Statutes 304.45-080 – Taxation of risk retention groups and insurers
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(1) All risk retention groups and insurers providing liability insurance to purchasing groups shall be subject to taxation and shall be deemed to be insurers for the purpose of assessing and collecting taxes on premiums. All risk retention groups and insurers issuing liability insurance policies to purchasing groups shall be subject to the taxes set forth in KRS § 91A.080 and KRS § 136.340 and the surcharge imposed by KRS § 136.392.
(2) All persons involved in the solicitation, negotiation, or procurement of liability insurance from a risk retention group or from an insurer issuing a liability insurance group to a purchasing group shall cooperate in the reporting and payment of taxes on premiums for risks located in this state.
(3) Failure of risk retention groups, insurers issuing liability insurance policies to purchasing groups, and any person involved in the solicitation, negotiation, or procurement of liability insurance from a risk retention group or from an insurer issuing a liability insurance policy to a purchasing group to pay taxes in accordance with this section or to cooperate in accordance with this section is a ground for suspension or revocation of certificates of authority, licenses, or permission to do business in this state, imposition of civil penalties, or both. The commissioner may take any action necessary to assure that applicable premium taxes are paid to the appropriate taxing authorities.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1577, effective July 15, 2010. — Amended 1990 Ky. Acts ch. 165, sec. 8, effective July 13, 1990. — Created 1986 Ky. Acts ch. 308, sec. 8, effective July 15, 1986.
(2) All persons involved in the solicitation, negotiation, or procurement of liability insurance from a risk retention group or from an insurer issuing a liability insurance group to a purchasing group shall cooperate in the reporting and payment of taxes on premiums for risks located in this state.
Terms Used In Kentucky Statutes 304.45-080
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Commissioner: means the commissioner of the Kentucky Department of Insurance or the insurance supervisor of another state. See Kentucky Statutes 304.45-020
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risks which is determined to be insurance under the laws of this state. See Kentucky Statutes 304.45-020
- Purchasing group: means any group which:
(a) Has as one (1) of its purposes the purchase of liability insurance on a group basis. See Kentucky Statutes 304.45-020 - Risk retention group: means any corporation or other limited liability association: (a) Whose primary activity consists of assuming and spreading all, or any portion,
of the liability exposure of its group members. See Kentucky Statutes 304.45-020 - State: means any state of the United States or the District of Columbia. See Kentucky Statutes 304.45-020
(3) Failure of risk retention groups, insurers issuing liability insurance policies to purchasing groups, and any person involved in the solicitation, negotiation, or procurement of liability insurance from a risk retention group or from an insurer issuing a liability insurance policy to a purchasing group to pay taxes in accordance with this section or to cooperate in accordance with this section is a ground for suspension or revocation of certificates of authority, licenses, or permission to do business in this state, imposition of civil penalties, or both. The commissioner may take any action necessary to assure that applicable premium taxes are paid to the appropriate taxing authorities.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1577, effective July 15, 2010. — Amended 1990 Ky. Acts ch. 165, sec. 8, effective July 13, 1990. — Created 1986 Ky. Acts ch. 308, sec. 8, effective July 15, 1986.