Company's premium tax database has been designated as a verified risk location system
First American Spatial Solutions has received official notification from the Kentucky Department of Insurance that its premium tax database has been designated as a verified risk location system.
First American Spatial will now be able to offer the insurance industry a tax database to alleviate the complexities of tax jurisdiction assignments in the state of Kentucky.
By using a verified risk location system, insurers will be protected by the state of Kentucky’s Hold Harmless provision and will not be liable for additional tax or penalties, if it is determined that an address is not properly assigned to its designated jurisdiction.
First American Spatial’s insurance premium tax output identifies the lowest level taxing authority by name and by Federal Information Processing Standards (FIPS) code.
The system also offers the state Department of Insurance community code for the city and county and the state coding, which allows insurers to understand offsets and the minimum tax indicator. The company calculates the distance of the address to the boundary of the jurisdiction.
The company’s databases deliver the information upon which insurance companies are able to base the decisions that affect the insurance enterprise as a whole.
First American Spatial Solutions is a provider of spatial and natural hazard risk. solutions.