Final regulations released to Federal Register: Computing and reporting life insurance reserves

Computing and reporting life insurance reserves

The U.S. Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9911) concerning the computation of life insurance reserves. The regulations also include guidance on computing the change in basis of life insurance reserves for life insurance and nonlife insurance companies.

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Read the final regulations [PDF 272 KB] as published in the Federal Register on October 13, 2020, that finalize, with amendments, regulations that were proposed in April 2020.

The IRS on September 9, 2020, posted to its website a version of these final regulations. Read a KPMG report about these regulations (based on the version posted September 9, 2020, on the IRS website): TaxNewsFlash

Comparison against advance version of final regulations

The September 2020 version of the final regulations contains the following statement:

This document is in the process of being submitted to the Office of the Federal Register (OFR) for publication and will be pending placement on public display at the OFR and publication in the Federal Register. The version of the proposed rule [sic] released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.

Read a computer-generated document [PDF 727 KB] that provides a comparison of the version of the final regulations submitted today to the Federal Register against the version posted by the IRS on September 9, 2020. This unofficial document was produced by KPMG for the purpose of showing what changes, if any, were made to the regulations prior to being released to the Federal Register for publication. It has not been reviewed for accuracy.

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