Kentucky: Industry Seeks Municipal Premium Tax Fix in 2008

As the legislative session draws closer, meetings to address the dysfunctional municipal premium tax continue among the industry and affected parties, such as the Kentucky League of Cities and the vendors of satellite geolocation products.

Drafting of legislation has now begun on several areas of potential agreement among the parties to mitigate the confusing and expensive process of collecting local premium taxes. Miscalculations of the tax produced lawsuits against many property/casualty insurers in 2006.

As the Beshear administration takes shape one of the leading candidates for executive director of the Office of Insurance is Mike Goff, who directs the insurance operations of the Kentucky League of Cities. Goff has extensive background in the insurance industry and is a seasoned actor in the Kentucky political world.

It appears that the Kentucky attorney general, Greg Stumbo, may elect to campaign for his old seat in the Legislature after one term as a constitutional officer. Stumbo was the Majority Floor leader when he left the Kentucky House of Representatives.

Direct questions to NAMIC State Affairs Manager Alan Smith.

Posted: Tuesday, December 18, 2007 12:00:00 AM. Modified: Tuesday, December 18, 2007 10:51:20 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.