tailieunhanh - What Is Insurance?

This report also in- cludes preliminary observations regarding SARs filed from May 2007 through Oc- tober 2007. Consistent with FinCEN’s mission to provide beneficial information to law enforcement, regulators and regulated industries, this report will present indicia of possible illicit activity that some insurance companies have identified, and hence raise awareness of possible risks and vulnerabilities. This report offers insight into the quality of the reporting. SAR narratives should make available clear, concise and invaluable information to law enforcement investi- gators. The relatively new reporting requirements on certain segments of the insur- ance industry provide an opportunity for an early evaluation. | Chapter 2 What is Insurance This chapter addresses The definition of insurance under the Federal income tax law including the impact of the risk-shifting risk-distribution and other requirements of insurance The application of these and other requirements of insurance in various contexts including captive insurance arrangements and Commercial-type insurance under section 501 m . Part I Introduction a Background Whether a contract issued by an insurance company qualifies as insurance fundamentally influences the tax treatment of the insurer policyholders and beneficiaries. The definition of insurance company for example depends directly on the status of the contracts that a company issues because an insurance company is a company more than half of the business of which during the taxable year is the issuing of insurance or annuity contracts or the reinsuring of risks underwritten by insurance companies. 1 A trade or business cannot deduct a payment for coverage as an insurance premium under section 162 a unless the payment relates to an insurance A beneficiary of a life insurance policy can exclude proceeds of the policy if the contract qualifies as life insurance and 1 Section 816 a flush language . The definition of insurance company under section 816 a is addressed on pages 67-68. 2 Treas. reg. section a . 7 8 Federal Income Taxation of Insurance Companies the payments are made by reason of the death of the Although it generally is clear whether a given transaction qualifies as insurance the status of a transaction is unclear or subject to dispute between taxpayers and the government in certain b Helvering v. Le Gierse The Internal Revenue Code does not define insurance. 5 The Tax Court stated that i nsurance risk is involved when an insured faces some loss-producing hazard not an investment risk and an insurer accepts a payment called a premium as consideration for agreeing to perform some act if and when that hazard .

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