54:16-3. Underwriting profit; how computed
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/nj/title-54/chapter-16/54-16-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.