Rev. & Tax. Code, § 12073 · Article 1. Definitions
Rev. & Tax. Code, § 12073
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
“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.
Notes and commentary — not statutory text
History
Added by Stats. 1941, Ch. 113.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=12073.
- Text hash
- sha256 40fe9b00ac37b826e6dbb3f49c8fe4c2a6cab70f345061459d7cb3eca6e050f6
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
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Revenue and Taxation Code
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