There is hereby assessed, imposed, and levied on every insurance company, corporation,
or other insurer now engaged in or carrying on, or which shall hereafter engage in
or carry on, the business of insuring with respect to casualty risks, as shown by
the records of the insurance commissioner of the state, an excise or license tax in
addition to any license or excise tax levied by the city which shall be in the amount
of 0.85 percent of the gross amount of receipts of premiums from policyholders on
all premiums collected on casualty insurance policies within the corporate limits
of the city. The license or excise tax so levied shall be due and payable annually
on March 1 of each year. In the case of multiple peril policies with a single premium
for both property and casualty coverage in such policies, 30 percent of such premium
shall be used as the basis for the 0.85 percent tax.
(Code 1985, § 35.03; Ord. No. 90-34, § 1, 4-2-91)
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