26 U.S.C. § 815 — Untitled legal text

Page 1913 TITLE 26—INTERNAL REVENUE CODE § 816 105–34, title XI, § 1131(c)(1), Aug. 5, 1997, 111 Stat. 980; Pub. L. 115–97, title I, § 14301(c)(5), Dec. 22, 2017, 131 Stat. 2222.) Editorial Notes AMENDMENTS 2017—Subsec. (f)(1). Pub. L. 115–97 redesignated sub- par. (A) as par. (1), struck out subpar. (A) heading ‘‘In general’’, and struck out subpar. (B). Prior to amend- ment, text of subpar. (B) read as follows: ‘‘For purposes of sections 78 and 902, where any amount is added to the life insurance company taxable income of the domestic life insurance company by reason of subsection (e)(2), the contiguous country life insurance branch shall be treated as a foreign corporation. Any amount so added shall be treated as a dividend paid by a foreign corpora- tion, and the taxes paid to any foreign country or pos- session of the United States with respect to such amount shall be deemed to have been paid by such branch.’’ 1997—Subsec. (h). Pub. L. 105–34 struck out ‘‘or 1491’’ after ‘‘section 367’’. Statutory Notes and Related Subsidiaries NEW SECTION 814 TREATED AS CONTINUATION OF SECTION 819A Pub. L. 98–369, div. A, title II, § 217(a), July 18, 1984, 98 Stat. 762, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ‘‘For purposes of section 814 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (relating to contiguous country branches of domestic life insurance companies)— ‘‘(1) any election under section 819A of such Code (as in effect on the day before the date of the enact- ment of this Act [July 18, 1984]) shall be treated as an election under such section 814, and ‘‘(2) any reference to a provision of such section 814 shall be treated as including a reference to the cor- responding provision of such section 819A.’’ EFFECTIVE DATE OF 2017 AMENDMENT Amendment by Pub. L. 115–97 applicable to taxable years of foreign corporations beginning after Dec. 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end, see section 14301(d) of Pub. L. 115–97, set out as a note under section 78 of this title. 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. [§ 815. Repealed. Pub. L. 115–97, title I, § 13514(a), Dec. 22, 2017, 131 Stat. 2143] Section, added Pub. L. 98–369, div. A, title II, § 211(a), July 18, 1984, 98 Stat. 747; amended Pub. L. 99–514, title X, § 1011(b)(10), title XVIII, § 1821(k)(1), (2), Oct. 22, 1986, 100 Stat. 2389, 2841; Pub. L. 100–647, title I, § 1010(j)(1), Nov. 10, 1988, 102 Stat. 3456; Pub. L. 108–357, title VII, § 705(a), Oct. 22, 2004, 118 Stat. 1549; Pub. L. 113–295, div. A, title II, § 221(a)(41)(G), Dec. 19, 2014, 128 Stat. 4044, re- lated to distributions to shareholders from pre-1984 pol- icyholders surplus account. A prior section 815, added Pub. L. 86–69, § 2(a), June 25, 1959, 73 Stat. 129; amended Pub. L. 87–790, § 3(b), Oct. 10, 1962, 76 Stat. 808; Pub. L. 87–858, § 3(b)(4), (e), Oct. 23, 1962, 76 Stat. 1137; Pub. L. 88–571, §§ 2, 3(a), 4(a), Sept. 2, 1964, 78 Stat. 857, 859; Pub. L. 90–225, § 4(a), (b), Dec. 27, 1967, 81 Stat. 733, 734; Pub. L. 91–172, title IX, § 907(b), Dec. 30, 1969, 83 Stat. 715; Pub. L. 94–331, § 1(a), June 30, 1976, 90 Stat. 781; Pub. L. 94–455, title XIX, §§ 1901(b)(1)(O), (24), (33)(H), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1791, 1798, 1801, 1834, contained provisions similar to this section, prior to the general revision of this part by Pub. L. 98–369, § 211(a). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to taxable years beginning after Dec. 31, 2017, see section 13514(c) of Pub. L. 115–97, set out as an Effective Date of 2017 Amendment note under section 801 of this title. SUBPART E—DEFINITIONS AND SPECIAL RULES Sec. 816. Life insurance company defined. 817. Treatment of variable contracts. 817A. Special rules for modified guaranteed con- tracts. 818. Other definitions and special rules. Editorial Notes AMENDMENTS 1996—Pub. L. 104–188, title I, § 1612(b), Aug. 20, 1996, 110 Stat. 1847, added item 817A. § 816. Life insurance company defined (a) Life insurance company defined For purposes of this subtitle, the term ‘‘life in- surance company’’ means an insurance company which is engaged in the business of issuing life insurance and annuity contracts (either sepa- rately or combined with accident and health in- surance), or noncancellable contracts of health and accident insurance, if— (1) its life insurance reserves (as defined in subsection (b)), plus (2) unearned premiums, and unpaid losses (whether or not ascertained), on noncancellable life, accident, or health poli- cies not included in life insurance reserves, comprise more than 50 percent of its total re- serves (as defined in subsection (c)). For pur- poses of the preceding sentence, the term ‘‘in- surance company’’ means any company more than half of the business of which during the taxable year is the issuing of insurance or annu- ity contracts or the reinsuring of risks under- written by insurance companies. (b) Life insurance reserves defined (1) In general For purposes of this part, the term ‘‘life in- surance reserves’’ means amounts— (A) which are computed or estimated on the basis of recognized mortality or mor- bidity tables and assumed rates of interest, and (B) which are set aside to mature or liq- uidate, either by payment or reinsurance, fu- ture unaccrued claims arising from life in- surance, annuity, and noncancellable acci- dent and health insurance contracts (includ- ing life insurance or annuity contracts com- bined with noncancellable accident and health insurance) involving, at the time with respect to which the reserve is com- puted, life, accident, or health contin- gencies. (2) Reserves must be required by law Except— (A) in the case of policies covering life, ac- cident, and health insurance combined in one policy issued on the weekly premium