Article II: Foreign Fire Insurance Companies

36-2-1 CONFORMANCE. All corporations, companies and associations not incorporated under the laws of this state which are engaged in this municipality in effecting or soliciting fire insurance, shall pay to the Village Treasurer on the 15th day of July of each and every year a sum equal to two percent of the gross receipts of premiums received by such corporations, associations or companies, or their agency, agent(s), for business effected or transacted for fire insurance within this Village for the year preceding July 1st. The sum above named shall be as a tax or license fee upon all such corporations, companies or associations transacting said business within this Village.

36-2-2 REQUIRED REPORTS. Every person acting as an agent, or otherwise for or on behalf of any such corporation, company or association, shall, on or before the 15th day of July of each and every year, render to the Village Clerk a full, true, and just account, verified by oath, of all the premiums which, during the year ending on the first day of July of each and every year, shall have been received by him or any other person for him in behalf of such corporation, company or association, and shall fully and specifically set out in such report, the amount or amounts received as premiums for fire insurance.

36-2-3 FEES. The said agent(s) shall also, at the time of making the above mentioned report, pay to the Village Treasurer, the sum of two percent upon the gross receipts of such corporation, company or association obtained as premiums for effecting fire insurance in this Village as specified in this chapter.

36-2-4 UNLAWFUL OPERATION. If such an account be not rendered on or before the day herein specified for that purpose, or if the above mentioned rates for the said tax or license fees shall remain unpaid after that day, it shall be unlawful for any such corporation, company or association to transact any business of fire insurance in this Village until the requirements hereof are fully complied with, but this provision shall not relieve any company, corporation or association from the payment of any such risk that may be taken in violation hereof.

Last Update: October 04, 2018