For companies that have limited number of risks subject to compliance with the State of Kentucky's bill mandating the use of risk-location technology
ETM has released a new version of PosiTax for companies that have a limited number of risks, subject to compliance with the State of Kentucky’s bill mandating the use of risk-location technology, verified by the Kentucky Office of Insurance, for locating risks that are subject to taxes or fees.
PosiTax, a risk-location application that uses geo-spatial technology to identify correct taxing jurisdictions for municipal premium tax reporting, is verified compliant with HB 524.
Larry Kane, president of ETM, said: “The price of risk-location technology can be unduly burdensome for smaller insurers with a limited number of risks to locate. Because lower-priced alternatives typically have reduced capabilities and functionality, risk-location processes have remained labor-intensive and tedious. So, we created a way to make PosiTax affordable for even the smallest insurers, without reducing the capabilities or the functionality. That way, value and price come together. And the smallest insurers can have the same technology used by the largest.”
As up to 40% of postal addresses are incorrect and because there are different jurisdiction definitions for each state, which frequently changes, PosiTax uses spatial geo-coding to assign correct taxing jurisdictions to policy data. This enables insurers to accurately calculate geographically assigned premium taxes, and gives insurers the documentation necessary to support municipal premium tax payments, and to avoid state penalties.