26 U.S.C. § 803 | Life insurance gross income

(a)

In general

For purposes of this part, the term “life insurance gross income” means the sum of the following amounts:

(1)

Premiums

(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.

(2)

Decreases in certain reserves

Each net decrease in reserves which is required by section 807(a) to be taken into account under this paragraph.

(3)

Other amounts

All amounts not includible under paragraph (1) or (2) which under this subtitle are includible in gross income.

(b)

Special rules for premiums

(1)

Certain items included

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.

(2)

Policyholder dividends excluded from return premiums

For purposes of subsection (a)(1)(B)—

(A)

In general

Except as provided in subparagraph (B), the term “return premiums” does not include any policyholder dividends.

(B)

Exception for indemnity reinsurance

Subparagraph (A) shall not apply to amounts of premiums or other consideration returned to another life insurance company in respect of indemnity reinsurance.

Pub. L. 98–369, div. A, title II, § 211(a)July 18, 198498 Stat. 721(Added , , .)

Editorial Notes

Prior Provisions

Aug. 16, 1954, ch. 736 68A Stat. 256 Mar. 13, 1956, ch. 83, § 2 70 Stat. 39 Pub. L. 86–69, § 2(a)June 25, 195973 Stat. 112A prior section 803, acts , ; , , related to income and deductions in the case of life insurance companies, prior to the general revision of this part by , , .

Statutory Notes and Related Subsidiaries

Effective Date

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