54:16-3. Underwriting profit; how computed
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.
This is the verbatim text of N.J.S.A. 54:16-3, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.