California § 12073. 12073. (Added by Stats. 1941, Ch. 113.)

California Statutes

§ 12073. — 12073. (Added by Stats. 1941, Ch. 113.)

California § 12073.

JurisdictionCalifornia

Code RTCRevenue and Taxation Code - RTC

Div. 2.DIVISION 2. OTHER TAXES

Part 7.PART 7. INSURANCE TAXATION

Ch. 2.CHAPTER 2. Ocean Marine Insurance

Art. 1.ARTICLE 1. Definitions

This text of California § 12073. (12073. (Added by Stats. 1941, Ch. 113.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Revenue and Taxation Code - RTC Code § 12073. (2026).

Text

“Underwriting profit,” as respects any one calendar year, means the amount arrived at by deducting from the net earned premiums of that calendar year on ocean marine insurance contracts written within the United States:

(a)Losses incurred.

(b)Expenses incurred. In arriving at “underwriting profit” there shall not be deducted as expenses incurred an amount exceeding 40 per cent of the gross premiums on ocean marine insurance contracts written during the current calendar year.

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“Underwriting profit,” as respects any one calendar year, means the amount arrived at by deducting from the net earned premiums of that calendar year on ocean marine insurance contracts written within the United States:
(a)
Losses incurred.
(b)
Expenses incurred.
In arriving at “underwriting profit” there shall not be deducted as expenses incurred an amount exceeding 40 per cent of the gross premiums on ocean marine insurance contracts written during the current calendar year.

Legislative History

Added by Stats. 1941, Ch. 113.

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California § 12073., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/RTC/12073..