§ 10-110. Gross premiums tax levied.

(a)

There is hereby levied for each year an annual tax based solely upon gross direct premiums on each life insurance company doing business within the city in an amount equal to one percent of the gross direct premiums received during the calendar year in accordance with O.C.G.A. § 33-8-8.1. As used in this subsection, the term "gross direct premiums" means gross direct premiums as defined in O.C.G.A. § 33-8-4. The tax does not apply to annuity considerations. The premium tax levied by this section is in addition to the license fees imposed in the city fee schedule.

(b)

There is hereby levied for each year an annual tax upon each insurance company, other than life insurance companies, doing business within the city in an amount equal to 2½ percent of the gross direct premiums received during the calendar year, in accordance with O.C.G.A. § 33-8-8.2. As used in this subsection, the term "gross direct premiums" means gross direct premiums as defined in O.C.G.A. § 33-8-8.2(a).

(Comp. 1976, § 3-104-A; Code 1989, §§ 11-16, 11-17; Ord. of 11-7-1983, §§ 4, 5; Ord. of 9-7-1993)