Revenue and Taxation Code section 12077

“Specific expenses” means expenses incurred directly and specifically in connection with earned ocean marine premiums, including all commissions, agency expenses, taxes, licenses, fees, and loss-adjustment expenses, less recoveries or reimbursements on account of or in connection with the commissions or other expenses collected or collectible because of reinsurance or from any other source.

Source: Section 12077, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=RTC§ionNum=12077.­ (updated Jan. 1, 1941; accessed Jun. 30, 2025).

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Verified:
Jun. 30, 2025

§ 12077's source at ca​.gov