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Section 12073 Of Article 1. Definitions From California Revenue And Taxation Code >> Division 2. >> Part 7. >> Chapter 2. >> Article 1.
12073
. "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.
(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.
