Description: This paper was prepared in order to set down some of the approaches which might be followed in carrying out the mandate to apply GAAP to stock life insurance companies. Followed by discussion papers submitted by 2 authors

Description: This paper examined two interrelated aspects of federal income taxation of life insurance companies. First, a common-sense approach to the Life Insurance Company Income Tax Act of 1959 was developed. Second, marginal tax rates for Phase III companies was developed.

Description: This paper describes a method of interest allocation which relies on a computerized model of invested assets. Characteristics of this method, known as the investment generation model method, are discussed in relation to other allocation methods in current use and in relation to desirable criteria of interest allocation given in this paper. The paper concludes by identifying important management benefits associated with this method of allocation. Followed by 2 discussion papers submitted

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: The paper sets forth a procedure, based on actual experience, for determining extra life insurance reserves for term insurance conversion rights for annual statement purposes. Followed by several submitted discussion papers.