RiskMeter Online, a leading provider of real-time natural hazard risk reports, today announced it has added historical premium tax assessment data and effective dates to its Kentucky Premium Tax report. This additional information will help insurers to determine if the correct premium tax amounts have been paid and help avoid paying penalties for incorrectly assessing premium taxes.
With the RiskMeter’s effective date logic, carriers can phase in changes prior to them actually taking place. For example, processing policy renewals prior to the renewal date. In addition, RiskMeter is now presenting city code information (footnotes) on the output page, which simplifies interpretation for the user. This information can be delivered through Web services or a simple Web browser.
RiskMeter’s Kentucky Premium Tax Code report has been available for over 10 years and is a verified risk location system provider by the Kentucky Department of Insurance. This report is based on data and historical boundaries from state and local agencies and leverages the latest geocoding technology (3 sources) to ensure accurate policy placement.
Despite best intentions, assigning policies to the wrong tax jurisdictions has been a major issue for insurers who write business in Kentucky, and has resulted in class action lawsuits, as well as insurers having to pay fines due to under/over charging for premium taxes. RiskMeter Online has automated this process and by simply typing in an address, it’s possible to for insurers to append the correct tax code, city code, city name, county, FIPS code, etc., to each policy.
“When it comes to accurately assessing premium taxes, insurers are under more scrutiny now than ever before,” explains Daniel Munson, Founder, RiskMeter Online. “With budgets stretched thin, state and local governments are more dependent upon premium taxes as a source of revenue. RiskMeter has addressed this need by providing premium tax reports for 11 states and offering a solution (Web browser, batch processing or fully integrated) which best suits carriers’needs.
For more information, please contact Daniel Munson, Founder, RiskMeter Online or dmunson[.]cdsys.com.
About RiskMeter Online
RiskMeter Online (riskmeter.com) is used by underwriters and agents to automate property lookups. This Web-based solution utilizes Internet mapping technology to enable underwriters to determine the proximity to natural hazards for any property in the Unites States. It’s far more accurate and faster than any other method for determining property risk, and can save underwriters considerable time and money. The RiskMeter Online provides over 30 real-time reports, including Distance to Coast, FEMA Flood Zones, Rating Territories, Windpool Eligibility, EQECAT Data & Analytics, Individual AAL & PML Reports, Earthquake information and much more.