CoreLogic Announces Premium Tax Service for Kentucky

Media Contact

Lauren Salay
Crosby-Volmer International Communications
(202) 232-6627
lsalay@cvic.com

Media Contact

Jordan Hassin
Crosby-Volmer International Communications
(202) 232-6601
jhassin@cvic.com

November 15, 2011, Santa Ana, Calif. –

—Service to Assist Insurers with Compliance and Litigation Fulfillments—

CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today announced a new service to provide insurers in Kentucky with analysis of historical premium tax assessments to determine if accurate tax amounts have been paid. The service is in response to recent litigation in Kentucky regarding the payment of premium taxes, which are charged by some states and municipalities to insurers for policies written on properties, structures or vehicles. Precise calculation of premium taxes paid by insurance companies is essential to minimize the risk of over- or under-payment of taxes and accompanying penalties by insurers and potential legal action for incorrectly assessed premium taxes.

CoreLogic has been designated by the Kentucky Department of Insurance (DOI) as a verified risk location system provider. Using advanced property-level geocoding, coupled with current and historical tax boundaries to locate addresses in the correct tax jurisdictions, the CoreLogic premium tax service correlates historical premium tax payments with the correct rates for municipalities and special tax zones. The service is unique in that it provides not only current tax data, but also historical data to validate correct premium tax assessments and payments.

The CoreLogic service combines current and historical boundary data acquired from state and local agencies, as well as premium tax information from the Kentucky DOI to generate a comprehensive premium tax report that includes: 10-Character Federal Information Processing Standards (FIPS code); name of the lowest-level taxing authority; special tax district code (city and the Kentucky DOI premium tax schedule); tax rate by line of business; and actual-versus-charged tax comparisons.

“Ensuring accuracy with premium tax payments is more critical than ever as municipalities step up their monitoring and litigation against insurance companies—it’s a wake-up call insurers cannot afford to ignore,” said Scott Little, vice president and general manager for the Spatial Solutions group at CoreLogic. “Insurers need to precisely identify tax jurisdictions of policyholders within historical municipal boundaries to avoid civil penalties and customer rebates. CoreLogic, as a state-designated provider, has the most up-to-date and accurate data available to help insurers in this process,” added Little.

For more information visit http://www.corelogic.com/products/PremiumTax.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.

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