JERSEY CITY, N.J., August 7, 2006 — ISO has expanded its LOCATION® database with the inclusion of a New York premium tax service enabling property/casualty insurers in New York to comply with mandatory tax payments required by the state’s insurance regulations.
New York now joins Florida, Kentucky and North Carolina in the LOCATION Premium Tax service.
Insurance premium tax, which is levied by state and local governments, pays for the maintenance and development of local interests, such as relief and pension funds for fire and police departments. Failure to calculate and pay the correct tax could spark compliance problems with regulators.
ISO’s LOCATION product uses a state-of-the-art geographic information system (GIS) to identify each policyholder’s correct street address and compute the accurate premium tax for that specific location.
The LOCATION Premium Tax service provides applicable tax codes, name of the tax territory, applicable tax-territory names and codes for multiple-tax jurisdictions, lines of business subject to premium tax, tax rate by line, type of premium tax, tax revision date, and the percentage of a tax territory in a particular ZIP Code.
“Identifying exact municipal boundaries is not always easy, and this often frustrates efforts by insurers to identify their policyholders’ tax jurisdictions,” said Howard Waldrop, director of ISO Risk Decision Information. “For example, New York insurers, like insurers in other states, may find that their policyholders’ postal addresses are different from the municipalities that collect taxes.”
For more information on ISO’s Premium Tax service, call ISO Customer Service toll-free at 1-800-888-4476 or send an e-mail to email@example.com.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO’s services help customers protect people, property and financial assets.