CHAPTER 2. Ocean Marine Insurance [12071. - 12107.]

Chapter 2 added by Stats. 1941, Ch. 113.

§§ 12071–12107 · 15 sections

1. ARTICLE 1. Definitions §§ 12071–12078 · 8 sections

   • § 12071 The definitions contained in this article apply with respect to ocean marine insurance.
   • § 12072 “Current calendar year” means the calendar year for which underwriting profit is computed pursuant to Section 12073.
   • § 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…
   • § 12074 “Net earned premiums” means the amount arrived at by: (a) Deducting all return premiums, premiums on policies not taken, and premiums paid for reinsurance,…
   • § 12075 “Losses incurred” means gross losses incurred during the current calendar year under ocean marine contracts written within the United States, less reinsurance…
   • § 12076 “Expenses incurred” includes specific and general expenses incurred in the current calendar year on ocean marine contracts written within the United States.
   • § 12077 “Specific expenses” means expenses incurred directly and specifically in connection with earned ocean marine premiums, including all commissions, agency…
   • § 12078 “General expenses” means the portion of expenses not chargeable specifically to a particular class of insurance which is allocated to earned ocean marine…
2. ARTICLE 2. Basis of Tax for Ocean Marine Insurance §§ 12101–12107 · 7 sections

   • § 12101 Every insurer transacting the business of ocean marine insurance in this State shall annually pay to the State a tax measured by that portion of the…
   • § 12102 The tax is in lieu of all other state, county and municipal taxes and licenses upon the marine insurer, except taxes upon real estate, any retaliatory…
   • § 12103 Except as otherwise provided in Section 12105, the tax shall be computed each year upon the average annual underwriting profit of the insurer from ocean marine…
   • § 12104 If the insurer has transacted ocean marine insurance in this State in each of the three calendar years immediately preceding the year in which a tax return is…
   • § 12105 If the insurer has not transacted ocean marine insurance in this State in each of the three calendar years immediately preceding the year in which a tax return…
   • § 12106 In computing the tax of a marine insurer issuing participating policies, there shall not be included in underwriting profit the amounts refunded by the insurer…
   • § 12107 Whenever in this part the date, April 1st, is used as the beginning date for the computation of interest, attachment of penalties, or the fixing of periods of…