Proposition Summary

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.

Proposition Number

6

Year

1938

Document Type

Proposition

Pass/Fail

Pass

Popular Vote Results

Y: 1424076; A: 70.0; N: 609135; B: 30.0

Election Type

General Election

Proposition Type

Senate Constitutional Amendment

Code Sections Affected

Added Cal. Const. art. XIII, section 14 3/4.

For Author

Ray W. Hays, Senator, Fresno County; T. H. DeLap, Senator, Contra Costa County

Against Author

Mary Martha Smith

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