Question from Anonymous

Have we seen tax revenues from all of the insurance companies as a result of the new insurance tax? Are these internet insurance companies charging the tax and are we receiving it?

Steve Connelly answered:

KRS 91A.080 provides that the Office of Insurance will provide by regulation for the collection of the insurance license fee. The City has received returns from about 500 companies in the past year. I do not know whether any are the result of internet policy sales. The gross receipts for fiscal year 2007-08 were a little over $600,000.