Contact Information: Media contact: Mark O'Brien 860-944-9022
ETM Releases Limited Risk Version of PosiTax
Per-Record Pricing for Insurers With Limited Risks Under Kentucky Bill HB 524
| Source: Eagle Technology Management, Inc.
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.