SOURCE: Eagle Technology Management, Inc.

Eagle Technology Management, Inc.

September 08, 2009 08:00 ET

ETM Releases Limited Risk Version of PosiTax

Per-Record Pricing for Insurers With Limited Risks Under Kentucky Bill HB 524

CEDAR RAPIDS, IA--(Marketwire - September 8, 2009) - 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 HB 524, which mandates 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.

"The price of risk-location technology can be unduly burdensome for smaller insurers with a limited number of risks to locate," said Larry Kane, ETM's president. "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."

Because up to 40 percent of postal addresses are incorrect -- and because there are different jurisdiction definitions for each state, which frequently change -- PosiTax uses spatial geo-coding to assign correct taxing jurisdictions to policy data. This enables insurers to accurately calculate geographically assigned premium taxes, and it gives insurers the documentation necessary to support municipal premium tax payments and to avoid state penalties.

About ETM

ETM is a software and procedures-development firm that specializes in providing financial reporting and tax-compliance applications for insurers. ETM is dedicated to insurance financial processing and reporting, making its clients more efficient, consistently accurate, and uniformly compliant. For more information, please visit www.byetm.com, call (800) 975-3245, or e-mail sales@byetm.com.

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