Description: Section 818c of the Life Insurance Company Income Tax Act of 1959 provides, for companies holding other than net level premium reserves, a choice of two methods: exact revaluation or approximate revaluation to this basis. This paper discusses the impact of the choice on the level of a company's tax reserves. A discussion paper follows.

Description: This is a discussion about 1959 Act dealing with federal income tax on life insurance companies. Specific topics include: A. Impact the new tax law has had on: i the investment policies of individual companies, ii company accounting systems and procedures, iii actuarial bases for new contracts? B. What principles have been followed in allocating the federal income tax among the annual statement lines of business? How is the assessment to a line of business with a loss from operations established? Is the tax on the interest on surplus allocated on some general basis or with regard to the relative contributions of the different lines to the accumulated surplus? C. How is the tax taken into account in asset share tests and dividend scale determinations?

Description: In this paper, the author presents the statutory and regulatory rationale for the Internal Revenue Service, ‘IRS,” position on integration. The author discusses the integration requirements under IRC Section 401a which must be met for a private pension plan to receive favorable tax treatment, including the prohibited discrimination requirement. From the 1982 Transactions Vol. 34.

Description: This is a discussion of the paper, Actuarial Note: Valuation of Reversionary Interests Involving Two or More Lives for Federal Tax Purposes by Charles G. Groeschell and William M. Snell. From Transactions of Society of Actuaries 1951, Vol. 3, No. 7.

Description: This discussion looks at how the allocation of income tax by line of business is handled, how tax liability may be estimated for annual statement purposes and if it has been found desirable to employ special tax consultants.

Description: This section presents multiple insurance-related legal cases from 1954: 1. AVIATION EXCLUSlON PILOT: Ezell v. Atlantic Life Insurance Company, 2. LIFE INSURANCE COMPANY FEDERAL INCOME TAX-OIL ROYALTIES AND BONUS: Great National Life Insurance Company v. Campbell, 3. SIMILAR CORPORATE NAMESADMISSlON TO Do BUSINESS IN STATE : United Life Insurance Company v. United Insurance Company, 4. DOUBLE INDEMNITY MILITARY EXCLUSION: Langlas v. Iowa Life Insurance Company, 5. STATUTE REQUIRING COPY OF APPLICATION TO BE ATTACHED-FRATERNAL BENEFIT SOCIETY: Wheeler v. Ben Hur Life Association, 6. BENEFICIARY'S RIGHT TO ASCERTAIN AND TO PAY PREMIUM: American Life Insurance Company v. Hauer, 7. QUARTERLY PREMIUM IN EXCESS OF ONE-QUARTER OF ANNUAL RATE: Cohen v. John Hancock Mutual Life Insurance Company, 8. SETTLEMENT OPTION-TESTAMENTARY DISPOSITION: Hall vs. Mutual Life Insurance Company, 9. DEATH DUTIESLIABILITY OF COMPANY UNDER ANNUITY: Mutual Benefit Life Insurance Company v. Dimond, 10. DELIVERY OF POLICYPOLICY MAILED TO AGENT: Mid-Continent Life Insurance Company vs. Dees,

Description: This paper discusses the following cases: Rudolph V. United States- concerning taxability of agent convention travel, State Board Insurance v. Todd Shipyards Corporation- concerning premium tax for unlicensed insurers, United Services Life Insurance Company v. Delaney- concerning aviation restrictions in a life insurance policy, Metropolitan Life Insurance Company v. Wood- concerning conditional approval, Hartford Live Stock Insurance Company v. Phillips- concerning livestock insurance with an undisclosed pre-existing condition, State Security Life Insurance Company v. Kinter- concerning the due date for monthly premiums to prevent lapsation.