26 USC 803 - Life insurance gross income

U.S Code last checked for updates: Jan 19, 2025

§ 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

(3)

Other amounts

(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

(B)

Exception for indemnity reinsurance

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

cite as: 26 USC 803