Life insurance gross income

26 U.S.C. § 803

• Title: 26 — Internal Revenue Code
• Chapter: Subchapter L—Insurance Companies
• Part: Subpart B—Life Insurance Gross Income

Text

(a) In general
For purposes of this part, the term "life insurance gross income" means the sum of the following amounts:
(A) The gross amount of premiums and other consideration on insurance and annuity contracts, less
(B) return premiums, and premiums and other consideration arising out of indemnity reinsurance.
Each net decrease in reserves which is required by section 807(a) to be taken into account under this paragraph.
All amounts not includible under paragraph (1) or (2) which under this subtitle are includible in gross income.
(b) Special rules for premiums
For purposes of subsection (a)(1)(A), the term "gross amount of premiums and other consideration" includes—
(A) advance premiums,
(B) deposits,
(C) fees,
(D) assessments,
(E) consideration in respect of assuming liabilities under contracts not issued by the taxpayer, and
(F) the amount of policyholder dividends reimbursable to the taxpayer by a reinsurer in respect of reinsured policies,
on insurance and annuity contracts.
For purposes of subsection (a)(1)(B)—
Except as provided in subparagraph (B), the term "return premiums" does not include any policyholder dividends.
Subparagraph (A) shall not apply to amounts of premiums or other consideration returned to another life insurance company in respect of indemnity reinsurance.

History

(Added Pub. L. 98–369, div. A, title II, §211(a), July 18, 1984, 98 Stat. 721.)

Editorial Notes

Editorial Notes

Prior Provisions
A prior section 803, acts Aug. 16, 1954, ch. 736, 68A Stat. 256; Mar. 13, 1956, ch. 83, §2, 70 Stat. 39, related to income and deductions in the case of life insurance companies, prior to the general revision of this part by Pub. L. 86–69, §2(a), June 25, 1959, 73 Stat. 112.

Statutory Notes and Related Subsidiaries

Effective Date
Section applicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98–369, set out as a note under section 801 of this title.

Editorial Notes

Amendments
2017—Pub. L. 115–97, title I, §§13511(b)(1), 13512(a), Dec. 22, 2017, 131 Stat. 2142, which directed amendment of the analysis for part I of subchapter L of chapter 1 by striking out items 806 and 810, was executed by striking out items 806 "Small life insurance company deduction" and 810 "Operations loss deduction" in this analysis, which is the analysis for subpart C of such part, to reflect the probable intent of Congress.
2004—Pub. L. 108–218, title II, §205(b)(7), Apr. 10, 2004, 118 Stat. 610, struck out item 809 "Reduction in certain deductions of mutual life insurance companies".
1986—Pub. L. 99–514, title X, §1011(b)(11)(B), Oct. 22, 1986, 100 Stat. 2389, substituted "Small life insurance company deduction" for "Special deductions" in item 806.