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Business Taxes Law Guide—Revision 2024

Tax on Insurers Law

Revenue and Taxation Code

Division 2. Other Taxes
Part 7. Insurance Taxation

Chapter 2. Ocean Marine Insurance

Article 1. Definitions

Section 12075


12075. "Losses incurred." "Losses incurred" means gross losses incurred during the current calendar year under ocean marine contracts written within the United States, less reinsurance claims collected or collectible and salvages or recoveries collectible from any source applicable to the losses.