Senate Constitutional Amendment 1. Adds section 14 ¾ to Article XII of Constitution. Declares insurance companies and associations shall be taxed 2.6% upon amount of gross premiums less return premiums, received upon business done in this state subsequent to December 31, 1937, other than premiums for reinsurance and ocean marine insurance. Eliminates existing constitutional provision for deduction of reinsurance premiums paid to other admitted insurers; otherwise section 14 of Article XIII remains unchanged. Declares effective dates of amendment with respect to business transacted in this state by such companies and associations.
Popular Vote Results
Y: 1424076; A: 70.0; N: 609135; B: 30.0
Senate Constitutional Amendment
Code Sections Affected
Added Cal. Const. art. XIII, section 14 3/4.
Ray W. Hays, Senator, Fresno County; T. H. DeLap, Senator, Contra Costa County
Mary Martha Smith
TAXATION OF INSURANCE COMPANIES California Proposition 6 (1938).