Insurance premium taxes are collected from property and casualty life insurance policies held by insured residents in cities and unincorporated sectors of a county. This tax is imposed on insurance companies, not individuals. According to O.C.G.A. § 33-8-8.1, “A portion of the total amount of life insurance premiums taxable by the state shall be allocated to all municipal corporations based upon the ratio that the total population of all municipal corporations bears to the total state population.” Thus, after a city is created, the city is eligible to receive the portion of the tax that was previously given to the county, according to the population of the new city.