Table of Contents. Chapter 2 What is Insurance? Part I: Introduction... 7 (a) Background... 7
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1 Table of Contents Chapter Page Chapter 1 Why Are There Separate Tax Rules For Insurance Companies? (a) The unique characteristics of insurance companies (b) Applying these characteristics to tax policy goals (c) The following chapters Chapter 2 What is Insurance? Part I: Introduction (a) Background (b) Helvering v. Le Gierse (c) Economics of insurance coverage (d) Risk-shifting, risk-distribution and other factors Part II: Self-Insurance and Captive Insurers (a) Background (b) Self-insurance (c) Captive insurers: historic background (d) The Service no longer follows the economic family theory (e) No unrelated risks transferred in parent-subsidiary arrangements 18 (f) Brother-sister transactions (g) Impact of undercapitalizations, guarantees and other financial enhancements (h) Coverage of other related entities (i) Coverage by an unrelated company (j) Significant unrelated risks (k) Sears (l) Economic substance and arms length income allocations (m) Premiums paid to cover others risks (n) Insurance pools and group captives (o) Further guidance requested (p) Ruling requests
2 vi Federal Income Taxation of Insurance Companies Part III: Characterization of Other Arrangements and Contracts (a) Reciprocal flood insurance exchange arrangements (b) Retroactive insurance (c) Retrospective insurance (d) Bail and surety bonds (e) Warranty & extended service contracts Part IV: Commercial-Type Insurance: Section 501(m) (a) Background (b) Insurance pools (c) Incidental health insurance provided by an HMO (d) Other exceptions Chapter 3 What is an Insurance Company? (a) The definition of insurance company (b) Characterization of certain entities that provide insurance-related services (c) The definition of life insurance company (d) Selected differences in the tax treatment of life and nonlife insurers (e) Changes in the status of insurance companies (f) Termination of an insurance company (g) Insurers in liquidation or rehabilitation Chapter 4 Life Insurance Company Taxable Income (a) A brief history of life insurance company taxation (b) Life insurance company taxable income (LICTI) (c) Life insurance gross income (d) Life insurance deductions (e) Modifications to selected deductions: section 805(b) (f) Accrued benefits and losses incurred (g) Operations loss deduction (h) Small life insurance company deduction (i) Accounting rules: in general (j) Amortization of bond discount and premium (k) Accounting periods
3 Table of Contents ii Chapter 5 Reinsurance Transactions and DAC Part I: Reinsurance Transactions (a) Background (b) Indemnity reinsurance (c) Assumption reinsurance Part II: Section Part III: DAC Under Section (a) Background (b) Scope of section (c) Specified insurance contracts (d) Net premiums (e) Reinsurance arrangements Chapter 6 Life Insurance Company Reserves Part I: The Need For Life Insurance Company Reser ve Rules Part II: The Definition of Life Insurance Reserves: Section 816(b) (a) Background (b) Life insurance reserves must be determined using recognized actuarial factors (c) Life insurance reserves must be set aside (d) Life insurance reserves must mature or liquidate future unaccrued claims (e) The future unaccrued claims must arise from life insurance, annuity, and noncancellable accident and health insurance contracts (including life insurance or annuity contracts combined with noncancellable accident and health insurance) (f) Future unaccrued claims must involve life, accident, or health contingencies (g) The reserves must be required by law Part III Reserve Computation Rules (a) Background (b) Reserves under the Tax Reform Act of
4 viii Federal Income Taxation of Insurance Companies (c) Effective date and fresh start (transition) rules (d) Prescribed mortality and morbidity tables (e) Curtate and continuous payment and benefit assumptions (f) Prescribed assumed interest rates (g) Tax reserve methods (h) Principles-based reserve rules (i) Other reserve items: sections 807(c)(2)-(c)(6) Part IV: Special Adjustments To Reserves (a) Changes in the basis in computing reserves (b) Retroactive adjustments (c) Tax benefit rule and life insurance reserve adjustments Chapter 7 Separate Accounts Part I: Introduction (a) Background (b) Variable contracts in general (c) Investor control doctrine Part II: Diversification Rules (a) Background (b) Diversification requirements (c) Look-through rules (d) Pension plan contracts (e) Definitions (f) Other rules Part III: Applying Subchapter L to Variable Contracts Part IV: Modified Guaranteed Contracts Chapter 8 Policyholder Dividends Part I: Section Part II: Prior-Law Section Chapter 9 Proration
5 Table of Contents ix (a) Background (b) Proration of tax-exempt interest (c) The constitutionality of the proration of tax-exempt interest (d) Dividend distributions: section 805(a)(4) Chapter 10 Property and Casualty Insurance Companies (a) Distinguishing property and casualty from life insurance company taxation (b) Taxable income: in general (c) Underwriting income: in general (d) Gross premiums written: in general (e) Unearned premiums (f) Return premiums (g) Premiums paid for reinsurance (h) When are gross premiums written taken into account? (i) Acquisition cost matching rules (j) Retrospective rate credits and debits (k) Stabilization reserves (l) Other items included in gross premiums written (m) Losses incurred (n) Fair and reasonable estimates of incurred loss reserves (o) Discounting unpaid losses: section (p) Salvage and subrogation (q) The tax benefit rule (r) Proration (s) Expenses incurred: section 832(b)(6) (t) Limitations on net operating losses (u) Other components of gross income (v) Mortgage guaranty insurance (w) Tax-exempt section 501(c)(15) insurance companies (x) The alternative tax for certain small companies under section 831(b) (y) Reciprocals and interinsurers (z) Perpetual policies and factory mutual insurance companies Chapter 11 Blue Cross/Blue Shield Organizations (a) Background (b) Material changes in operation or structure (c) Other qualified organizations
6 x Federal Income Taxation of Insurance Companies (d) The section 833(b) deduction (e) Adjusted basis of assets Chapter 12 Corporate Taxation of Insurance Companies (a) Corporate status of insurance companies (b) Distributions from the policyholders surplus account (PSA) (c) The impact of corporate tax rules (d) Corporate reorganizations (e) Carryover rules: section 381(c) (f) Section 338 transactions (g) Save the charter transactions (h) Demutualizations and other mutual company conversions (i) Surplus notes: debt or equity? (j) Life-nonlife consolidated return rules: background (k) Includible life insurance companies (l) Tacking rules (m) Impact of investment adjustment rules (n) The election (o) Mutual holding company transactions (p) Consolidated taxable income computation rules in general (q) Nonlife subgroup losses (r) Life subgroup losses (s) Decreases in policyholders surplus accounts (PSAs) (t) Capital gains and losses (u) Preemption and impact of other rules (v) Intercompany transactions Appendix I: Statutes Appendix II: Treasury Regulations Appendix III: Cases Appendix IV: IRS Pronouncements Appendix V: Written Determinations Index
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