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Home arrow News arrow Real Estate arrow RiskMeter's Premium Tax Database Verified by the Kentucky Department of Insurance     

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RiskMeter's Premium Tax Database Verified by the Kentucky Department of Insurance PDF Print E-mail
Written by RiskMeter   
27 August 2009

Boston, MA, August 2009 -CDS Business Mapping, LLC., a leader in online hazard mapping, today announced its RiskMeter Online Premium Tax Report has been verified by the Kentucky Department of Insurance. 

This report was created in response to Bill HB 524, which requires insurers to use a verified electronic risk location system to assess premium taxes by January 1, 2010.

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 over/under charging for premium taxes.  The RiskMeter Online has automated this process and by simply typing in an address, the Risk Meter will assign the correct premium tax code, city code, city name, county and fips code to each policy.

"Paying the correct premium taxes on policies has been proven to be complex and in many cases a very costly endeavor, explains James Munson, Director of Consulting Services, RiskMeter Online.  "This process can be extremely labor intensive and it can result in fines if it isn't done properly.  The RiskMeter has been available to customers in KY for more than 7 years and we are pleased the Kentucky DOI has verified our service, so we may offer a solution (Web browser, batch processing or fully integrated) which best suits our customers' needs," says Munson.

The RiskMeter Online offers premium tax reports for 11 states and since it's Web-based, all updates will be performed by RiskMeter, enabling insurance IT departments to focus on other internal projects.  For more information, please contact James Munson at 860.854.6125 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

About RiskMeter.com

For property underwriters and agents who are looking to increase accuracy, productivity and overall speed of operations, the RiskMeter Online (www.RiskMeter.com) is an Internet application used to automate property risk reports.  By simply typing in an address, users can get back natural hazard information for a given policy location.  The RiskMeter can perform more than 30 different reports, including: distance to coast, rating territory, flood zone, windpool eligibility, proximity to brush, EQ hazards and much more!  For more information, please visit www.RiskMeter.com

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