Page:United States Statutes at Large Volume 42 Part 1.djvu/434

 406 SIXTY·SEVEN TH CONGRESS. Sess. II. C11. 93. 1922. Act, eve? insurance complanB organized, admitted, or licensed_to transact usiness within the isgricti) shall, vgth resgecltl to marlrlne insurance written by it within the istrict, e taxe 0 y on t at proportion of the total underwriting Grofit of the company from marine insurance written within the nited States wh1ch_ the net remiums of the company from marine insurance written within the ' District bear to the total net marine premiums of the company d g ¤¤· written within the United States. The term_"underwriting profit, ’ ’ as usnid herein, shall be amvcd attlgy deductinglgrtnln 1ilT1e_pr3r§;® earne on marine insurance contrac written wit e nite a during the calendar ear (1) the losses incurred and (2) expenses incurred, including all taxes, in connection with such business. ·>g;=;u<1mr Premiums earned on marine insurance contracts written dining the mg. calendar year shall be arrived at as follows: (1) Gross premiums on marine insurance contracts written during the calendar year, less return premiums and premiums paid for reinsurance. (2) Add unearned premiums on outstanding marine business at the end of the preceding calendar year. (3) Deduct unearned gremiums on outstanding marine business at the end of the current ca endar year. °‘ Losses incurred, as used herein, shall mean gross losses incurred dining the calendar year under marine insurance contracts written within the United States, less reinsurance claims collected or collectible and salvages or recoveries collected or collectible from any source applicable to aforesaid losses. gxpgnses. _ _ Expenses incurred shall include- _ _ (1) Specific expenses incurred, consistinlg of all agency commis- °*°- sions, agency expenses, taxes, licenses, fees, oss—adjustment exlpenses, and all nithenexpenses incurred djrgactly and specifically for the pure 0 oing a marine msurance usrness. PO?2) General expenses incurred, consisting of that proportion of gf; g}*°m'§§'§§},‘;ef° “ general or overhead expenses, such as salaries of officers and employees, printing and stationerg, all Federal Government taxes, and all other exggnses not chargea_ le speciheally to a particular class of insurance w ch the net premiums receive from marine insurance bear to the total net premiums received by the company from aH Mmm itemized classes of insurance written during the current calendar year._ m,.,,,.,m ,0 bg sub. Sec. 9. That every company transacting marine insurance in the ¤****°d· District shall set forth in its annual statement to the superintendent, and in thebform prescribed bythém, agi the itging perglnining tniits insurance usmess as enumera e an prescrr e in e prece in b£{;ws§‘}f]';P,{"§*,j§e8,Es‘f section. To determine the basis of the tax on underwriting proiig every company which has been writing marine msurance for five ytears shal fugsh the sinlpepntendent  gzgenlient fof allloff tllie a orementione 1 ems, rn e crm prescribe y im, or eacio the ’*°s$“"*“ “'°Y°’”“· preceding five calendar years. A compgnly which has not been writing marine insurance for live years s furnish to the superintendent a statement of all the aforementioned items for each of the Campumm of tu calgnnlllnr years dnrincg vvnhiinllndit ings writtegi rnsniine insurance. t_ ·· e superin en en s e re or o e company repor 1 `vmge annual correct, he shall, if the company has iiansacted marine insurance % ,,,;,6, ,,, mmd stm, five years, (1) ascertain the total average annual underwriting profit, r¤r¤·¤¤>·¤¤¤. as detined by this Act, derived by the company from_1ts manne Pmpomm of mt insurance business written within the United States dnring the last premiums m me ms. preceding five calendar years, (2) ascertain the proportion which the “‘°‘· average net annual premiums of the company from marine insurance written by it in the District during the ast preceding five calendar years bear to the average total net marine premiums of the company ,,,§{§°,§¥§,'},,§’_‘°°" during the same_tive years, (3) compute an amount of 5 per centum on this proportion of the aforementioned average annual under-