RiskMeter Online, a provider of real-time natural hazard risk reports, has added premium tax assessment data and effective dates to its Kentucky Premium Tax report. This additional information assists insurers in determining if the correct premium tax amounts have been paid and helps them avoid paying penalties for incorrectly assessing premium taxes.
With the RiskMeter’s date logic, carriers can phase in changes prior to them actually taking place. For example, processing policy renewals prior to the renewal date. In addition, RiskMeter is now presenting city code information (footnotes) on the output page, which simplifies interpretation for the user. This information can be delivered through Web services or a simple Web browser.
RiskMeter’s Kentucky Premium Tax Code report has been available for 10 years and is a verified risk location system provider by the Kentucky Department of Insurance. This report is based on data and historical boundaries from state and local agencies and leverages the latest geocoding technology (three sources) to ensure accurate policy placement.
“When it comes to accurately assessing premium taxes, insurers are under more scrutiny now than ever before,” said Daniel Munson, founder, RiskMeter Online. “With budgets stretched thin, state and local governments are more dependent upon premium taxes as a source of revenue.”
RiskMeter provides premium tax reports for 11 states.