Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2011

Tax on Insurers Law

Chapter 2. Ocean Marine Insurance.

Article 1. Definitions

Section 12075

12075. "Losses incurred." "Losses incurred" means gross losses incurred during the current calendar year under ocean marine contracts written within the United States, less reinsurance claims collected or collectible and salvages or recoveries collectible from any source applicable to the losses.