§ 22-28. Insurance premium tax levied.

(a)

There is imposed and levied an annual license tax on any insurer engaged in the business of issuing any form of insurance policy or contract which may be subject to the payment of any license tax for state purposes, all as authorized by R.S. 22:833, on risks located in the town as follows:

(1)

On any insurer engaged in the business of issuing life or accident or health insurance policies, other than programs of benefits authorized or provided pursuant to R.S. 42:821 through 42:853, or other forms of contracts or obligations covering such risks or issuing endowment or annuity policies or contracts or other similar forms of contract obligations in consideration of the payment of a premium or other consideration for the issuance of such policies, contracts or obligations, whether such insurer is operating in the state through an agent or other representative or otherwise, $10.00 on gross annual premiums up to $2,000.00, and the additional license thereafter shall be $70.00 on each $10,000.00 or fraction thereof of gross annual premiums in excess of $2,000.00; provided that the maximum license on such businesses, payable to the town by any one insurer, shall not exceed $21,000.00.

(2)

On any insurer engaged in the business of issuing policies, contracts or other forms of obligations covering the risk of fire, marine, transportation, surety, fidelity, indemnity, guaranty, worker's compensation, employers' liability, property damage, livestock, vehicle, automatic sprinkler, burglary or insurance business of any kind whatsoever in the state, whether such insurer is operating in the state through agents or other representatives or otherwise, shall be the following:

a.

First class. When the gross receipts are not more than $2,000.00, the license shall be $40.00.

b.

Second class. When the gross receipts are more than $2,000.00 and not more than $4,000.00, the license shall be $60.00.

c.

Third class. When the gross receipts are more than $4,000.00 and not more than $6,000.00, the license shall be $80.00.

d.

Fourth class. When the gross receipts exceed $6,000.00, the additional license thereafter shall be $70.00 for each $10,000.00 or fraction thereof in excess of $6,000.00.

(b)

The maximum license tax on such businesses, payable to the town by any insurer, shall not exceed $9,000.00, provided that:

(1)

Plate glass and steam boiler inspection insurers shall pay only one-third of the rates provided in subsection (a)(2) of this section.

(2)

The amount of tax payable to the town as fixed in this section shall be one-third of the amount so fixed if the payer shall file a sworn statement with the annual report required by this article showing that at least one-sixth of the total admitted assets of the payer are invested and maintained in qualifying state investments as defined under state law.

(3)

The total tax payable by an insurer to the town shall be calculated on the total direct premiums written by such insurer for risks located within the town. Such premiums shall not be subject to taxation by both the parish and the town.

(Code 1969, § 9-7; Code 1997, § 22-36)