§ 10-49. Levy of tax and basis for taxation generally.

There is hereby levied an annual license tax on each domestic, foreign and alien insurer engaged in the business of issuing insurance policies, contracts or obligations, or issuing endowment or annuity policies, 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 city through an agent or other representative or otherwise. Such license shall be fixed and graded according to the rates and classification set forth in this article and shall be based on the gross amount of annual premiums on all risks located in the city in the case of insurance and endowment policies, contracts or obligations, and in the case of annuity or similar contracts or obligations, upon the gross amount of annual premiums on such policies issued to persons located in the city, without deduction in either case for dividends paid or credited to policyholders.

(Code 1972, § 11-30; Ord. of 7-10-1956, § 1)