Kentucky Insurance Department has approved vendors with software
that can help insurance companies comply with a new law on collecting premium taxes.
The new state law (HB 524) requires insurers to use a verified electronic system to assess premium taxes by Jan. 1, 2010.
The approved vendors include Insurance Services Office, Pitney Bowes Software, Inc., First American Proxix Solutions Inc., Tritech Software Development Corp., Eagle Technology Management and CDS Business Mapping, LLC, as well as several insurers that have their own software.
Assigning policies to the wrong tax jurisdictions has been an issue for insurers in Kentucky and has resulted in class action lawsuits, as well as insurers having to pay fines due to over/under charging for premium taxes.
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