The Kentucky module may be used to allocate premiums covering risks within Kentucky to the correct municipality for taxation. Please note that Kentucky distinguishes between several different lines of insurance (see premium type codes) and that premiums can be taxed by both a city and county (see County Credit LGT-142).
Premium Type Codes used in the Kentucky Municipal ASCII file layout
The Kentucky module groups allocated premiums into seven categories, as outlined in the Kentucky DOI annual bulletin, based on the Premium Type Code given in the source ASCII file. The seven categories are as follows:
The Kentucky module includes an additional schedule called the County Allocation report to address the County Credit (LGT-142) return that is generated for certain counties in the Premium Pro Enterprise Municipal module.
To export allocation data to Premium Pro Municipal, follow these steps:
Following the steps above will create a Municipal Import file (*.imp). The contents of this file can be imported into Premium Pro Municipal by following these steps:
Following the steps above will import the data and generate calculations.
Additional Information
For more information, please see the annual bulletin issued by the Kentucky Department of Insurance regarding local government premium tax.