The Kentucky Department of Insurance published a bulletin providing information on changes to Local Government Premium Tax (LGPT).
LGPTs are fees or taxes placed on insurance companies based on premiums. Any newly adopted fees or taxes become effective on July 1 annually. The Commissioner of Insurance must notify every insurer doing business in the state of their license fees or taxes at least 85 days before the effective date. Surplus lines brokers are also subject to LGPT.
The Department has provided the LGPT Risk Location Chart to help insurers and surplus lines brokers determine the location of an insurance risk. They should assign the risk to a specific county or city and a physical address to properly assess LGPT. ZIP codes cannot be used to assess LGPT, as it does not provide specific location information.
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