Description: Discusses the implications of the recent Tax Reform Act of 1986 [TRA] and proposed tax laws, and the effect of tax law on financial-performance measures, GAAP reporting, investment strategy, and even corporate structure. From the 1987 Record of Society of Actuaries, Vol. 13, No. 3.

Description: This dialogue discusses the history and purpose of section 811(a) and its historic role in the computation of life insurance company taxable income and, in particular, reserves.

Description: This article summarizes a recent revenue ruling concerning the insurance company qualification of an affiliate that reinsures retiree health benefits under an arrangement entered into by a VEBA.

Description: This presentation is a panel discussion from the 1991 Annual Meeting of the Society of Actuaries, held October 20-23 in Toronto. In this session dealing with life insurance company federal income tax, the panelists discuss the impact of the so-called deferred acquisition cost [DAC] or proxy DAC tax created by the Omnibus Budget Reconciliation Act [OBRA] of 1990. Topics include stock versus mutual company reactions and response, the impact on mergers and acquisitions, reinsurance, and consolidation, product changes, small company problems and opportunities, new categories of specified insurance contracts, and the impact on Canadian companies. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 4B.

Description: Panelists discuss the requirements of the new Deferred Acquisition Cost [DAC] tax, and it's expected financial impact on insurers. Second part of two-part Session 6 of the 1991 Valuation Actuary Symposium. See 'Tax Issues' for first part.

Description: Read the June 2017 issue of Taxing Times published by the The Taxation Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the February 2017 issue of Taxing Times published by the The Taxation Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the October 2017 issue of Taxing Times published by the Taxation Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Section 807d of the IRC provides that the deductible reserve for a life insurance contract is the greater of net surrender value or the Federally Prescribed Reserve FPR calculated under prescribed interest rate and mortality assumptions, but in no event can the tax reserve exceed “aggregate statutory reserves” i.e., the statutory cap. This article logically concludes that deficiency reserves are included in the calculation of the statutory cap.

Description: This paper covers the 1969 amendments to the Income Tax Act of Canada, which radically altered the taxation of life insurance proceeds and life insurance companies. It also covers prior tax bases and the 1967 recommendations of the Royal Commission on Taxation upon which the 1969 amendments were based. Finally, it discusses the interrelationship of the taxation of the policyholders and the insurer, and it compares the tax treatment of stock vs. mutual companies, life and non-life insurers, and resident vs. non-resident business and insurers.