Local Government Insurance Premium Taxes (Municipal Premium Taxes)
Background on the Tax: Kentucky policyholders often have questions about the taxes that show up on their premium notices. Kentucky law permits local governments to impose taxes on premiums charged by insurance companies, although not all of them do. According to the latest information available from the Kentucky Department of Insurance (DOI), 362 municipalities and […]
Reading...The Use of Credit-Scoring in Setting Premiums
How Are Insurance Premiums Determined? Insurance is often said to rely upon the law of large numbers in which a large number of people facing a common risk come together to share the costs of that risk. It’s really fairly simple – everyone pays a premium, and when you have a “covered” loss, you collect […]
Reading...Municipal Emergency Response Fees (Accident Taxes)
Background on Emergency Response Fees In many states, particularly in the Midwest, many local communities have begun the practice of instituting “emergency response fees” that are billed to those involved in an auto accident or other incidents that require a response by emergency first responders. These fees charged are in addition to the taxes already […]
Reading...2015 EKU PAPER COMPETITION
IIK sponsored a scholarship completion for Eastern Kentucky University students who submitted a paper on a topic related to property and casualty or life insurance. The scholarship award winners were announced at the Annual EKU Insurance Day on April 9, 2015. In the picture above are IIK Executive Director Mark Treesh, 2nd place winner Shaun […]
Reading...2014 EKU PAPER COMPETITION
IIK sponsored a scholarship completion for Eastern Kentucky University students who submitted a paper on a topic related to property and casualty insurance. The scholarship award winners were announced at the Annual EKU Insurance Day on April 22, 2014. In the picture above on the left are Burke Christensen, EKU Risk Management and Insurance Program […]
Reading...2013 EKU PAPER COMPETITION
(Pictured above are IIK Executive Director Mark Treesh, 2nd place winner John Schmidt, 1st place winner Claire Holsapple, and 2013 IIK Chair Bobby Owens.) IIK sponsored a scholarship completion for Eastern Kentucky University students who submitted a paper on a topic related to property and casualty insurance. The scholarship award winners were announced at the […]
Reading...IIK Honors Rep. Jim Gooch (D-Providence) with Legislative Leadership Award
Rep. Gooch receives the Sumner Award, an engraved julep cup. Pictured from left to right are 2010-11 IIK Chair Lorrie Brouse, former IIK Executive Director Carl Sumner, Rep. Jim Gooch, and IIK Executive Director Mark Treesh The Insurance Institute of Kentucky (IIK) announced that it has honored Rep. Jim Gooch (D-Providence) with the Sumner Legislative […]
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