Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2011
 

Tax on Insurers Law

Chapter 2. Ocean Marine Insurance.

Article 2. Basis of Tax for Ocean Marine Insurance*

Section 12101

12101. Tax levy; rate. 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 underwriting profit of the insurer from ocean marine insurance written in the United States, which the gross premiums of the insurer from ocean marine insurance written in this State bear to the gross premiums of the insurer from ocean marine insurance written within the United States, at the rate of 5 percent.

* Stats. 1961, p. 1980, operative January 1, 1962, amended the title of Article 2 by substituting "Basis of Tax" for "Tax Base".