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#71
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#72
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![]() I'm life only so I wasn't involved in discussing the Health stuff. And though I have seen some of the documentation, the stuff I am seeing is so whacked, I can barely understand what they are saying in regard to the life stuff. The health stuff is pretty much Greek to me. Sorry.
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#73
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![]() Be careful with your terminology. The tax law isn't amending Deferred Acquisition Costs (DAC), the GAAP concept. The tax item frequently called the DAC tax, which is based on premiums, did change and A321 cited the portion of the code. The change impacts years 2018 and forward, the transition rule paragraph preserves the old schedule for years 2017 and prior.
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#74
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In terms of tax, the term "life insurance reserves" cover reserves for health contracts too (see IRC sec 816 I think). My past experience was on individual limited ben health policies. There was a difference between non-can and gtd ren, as well as a LTC difference based on issue year. For tax method gtd ren got FPT2, LTC was split by issue year into FPT and FPT2. Non-Can might have been an echo of the stat method. Our non-can was so small i don't remember if AFR played a role, but it certainly did on gtd ren and LTC. If I had a copy of US Tax Reserves for Life Insurers easily available, I could refresh my memory. That is an excellent source that would cover all the questions you have asked. |
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