Page:United States Statutes at Large Volume 42 Part 1.djvu/435

 SIXTY-SEVENTH CONGRESS. Sess. II. C11.9. 1922. 407 writing profit of the company from marine insurance and (4) char e Am°¤¤* ’° "u° the amount of tax thus computed to such company as a tax upon tge iiigiied for cum E morioie insurancemyvrititien byg it in the District during the current ca en ar year. ere ter the su erintendent shall each year com- SimH°' §;;°“‘°”‘ ‘°' pute the tax, according! to the method described in this section, upon mh yam` mu"' the averagoi annual En erwriging pgofit of such company from marine insurance uring the prece ng ve ears, including the current calendar year; namely, at the expiration of each current calendar ear, the proht or loss on the marine insurance business of that ear Y Y. IS to be added or de;iuc§;e¢%ir;}1.ndaohedpmfit or loss upon the marine insurance usiness o the t c en ar year of the preceding fiveyear period is to be dropped,_s0 that the computation of imderwriting profit for purposes Iof taxation under this ct will alwayshibe on a Proms ve ear average: q·omded' however That a company w 'ch has ‘ - U not_li,een writing marine insiirance in the District_for five years shall, §l*§g(rl%?§§§)§**§f§§§ until It has transacted such business in the District for that number companies. of ygzars, be taxed on the basis of the laiolnulal z_Eye1i?ie pro t on marine msurance written wit the m tates urmg the preceding five years as averaged for all companies reporting to the superintendent for the current_calendar year and w `ch have $2:; $a2::.%atm,,°qa:r2?;: ;;;*a£ai;: saszzeatazz -·,,e,-pe repoftilrgg to thie suiperintendent shall have bwrjjatlen marme insurance b¤$i¤¢$S¤v¤ Ymin the istrict or ve years a company w `c as not een writing marine insurance in the District for five years shall be taxed on the bags of an annual ayertaige o1o)dervv;‘ritoi1(g1ltj>poHttha;» averggled ffor all co pames_report1ng o e s erm en _ or num o _ years_ during which they have written marme insurance m the District, subject, however, to an adjustment  the tax as soon_as the superintendent, in aplcordance w1{lh tig? provisions pg tléis sectiongis to com ute the tax on the oremention ve-year asis: rovidedi urther, That in the case of mutual com anies the su erin- ,,,(§§’f,“,,§’,§‘°°"‘L‘§_°'“““' P . . . . Ii .P pm tendent shall not include in_underwr1ting profit, w en computing the tax prescribed by this section, the amounts refunded by` such compapiies on account of premiums previously paid by t 611‘ policy- o ers. . When the superintendent has computed the tax on a company’s e¢iiiii°° nd p°ym°m undgrwriting piiofit, he shall fgrthwith mail to the last kpoplm address of the principa office of suc compan a statement 0 the amount so charged against it, which amount the company shall pay to the collector of taxes within thirty days after receipt of such notice from the superintendent and no further tax, except the taxes on invest- ,,§,’,‘{,L‘“’°“°’ ‘“ ““' roent income frlopé flunds representmgdrosproesilpapgtal stock}3  sur- E¤¤¤r>¢i<>¤¤- us as prescri y sections 10 an _ o t s ct an the icense ilee prescribed by section 13, shall be imposed by the District upon such company, or the agents thereof, for the privilege of transactmg the business of marine insurance in the District. _ _ TK mmmge em Sac, 10. That, in addition to the tax on underwriting profit as mgsemsmes. prescribed under sections; and 9, oglery yurance company transacting business within the istrict sh wi respect to marine insurance written by it within the District, be taxed annually at the rate of 3 per centuim on its averargpl earnings on reserveg {or unpaisll losses Dmmmtm on an unexpire premiums. e reserve or unpai osses_an unexpired premiums shall be arrived at by adding the unpaid loss and unexpired remium reserves on marine insiuance risks, written wiollilirin the Ilistrict, at iéltip  and end of glue caleogar yea:13 imd str ·` g an average. 0 any company no carry_1 unpa1 oss and unexpired premium reserves sgparately for the District, then the tax provided under this section sh be applied to suoh proportion of the company's total untgaid loss and unexpired premium reserves as the net premiums of - e company from marine insurance written