California Statutes
§ 12073. — 12073. (Added by Stats. 1941, Ch. 113.)
California·Code RTC Revenue 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
“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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California § 12073. (12073. (Added by Stats. 1941, Ch. 113.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1941, Ch. 113.