54:16-3 - Underwriting profit;  how computed

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.