New Jersey Statutes 54:16-3. Underwriting profit; how computed
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Terms Used In New Jersey Statutes 54:16-3
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
The term “underwriting profit” as used herein shall be computed by deducting from the net earned premiums on the marine insurances written within the United States during the calendar year,
a. The losses incurred, and
b. Expenses incurred including all taxes, state and federal, in connection with such net earned premiums.