DAC TAX. The Company and the Reinsurer agree to the DAC Tax Election pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue code of 1986, as amended, whereby: 12.1.1 The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and 12.1.2 Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, the Company shall provide the Reinsurer with a schedule of its calculation of the net considerations for all reinsurance agreements in force between them for a taxable year by no later than May 1 of the succeeding year. The Reinsurer shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax year. If the Reinsurer contests the Company's calculation of net consideration, the parties agree to act in good faith to resolve any differences within thirty (30) days of the date the Reinsurer submits its alternative calculation and report the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 4 contracts
Samples: Reinsurance Agreement (Lincoln Life & Annuity Flexible Prem Vari Life Acct M), Reinsurance Agreement (Lincoln Life & Annuity Flexible Prem Vari Life Acct M), Reinsurance Agreement (Lincoln Life Flexible Premium Variable Life Account M)
DAC TAX. ARTICLE TREASURY REGULATION SECTION 1.848-2(g)(8) ELECTION The Company CEDING COMPANY and the Reinsurer REINSURER hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code of Code 1986, as amended. This election shall be effective for [ ].
1. The term "party" will refer to either the CEDING COMPANY or the REINSURER as appropriate.
2. The terms used in this Article are defined by reference to Treasury Regulations Section 1.848-2 in effect as of December 29, whereby:1992.
12.1.1 3. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of IRC Section 848(c)(1); and.
12.1.2 4. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, The parties also agree to exchange information which may be otherwise required by the Company shall provide the Reinsurer with IRS.
5. The CEDING COMPANY will submit a schedule to the REINSURER by [ ] of each year of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding CEDING COMPANY stating that the CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year.
6. The Reinsurer REINSURER may contest such calculation by providing an alternate calculation to the CEDING COMPANY in writing within [ ] days of the REINSURERS's receipt of the CEDING COMPANY's calculation. If the REINSURER does not so notify the CEDING COMPANY, the REINSURER will report the net consideration as determined by the CEDING COMPANY in the REINSURER's tax return for the previous calendar year.
7. If the REINSURER contests the CEDING COMPANY's calculation of the net consideration, the parties will act in good faith to reach an agreement as to the correct amount within [ ] days of the date the REINSURER submits its alternate calculation. If the REINSURER and CEDING COMPANY reach agreement on an amount of net consideration, each party shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties report such amount in their respective tax returns for such tax year. If the Reinsurer contests the Company's calculation of net consideration, the parties agree to act in good faith to resolve any differences within thirty (30) days of the date the Reinsurer submits its alternative calculation and report the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 3 contracts
Samples: Automatic Reinsurance Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us), Automatic Reinsurance Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us), Automatic Reinsurance Agreement (Separate Account Fp of Equitable Life Assur Soc of the Us)
DAC TAX. The Ceding Company and the Reinsurer agree to the DAC Tax Election pursuant to hereby enter into an election under Treasury Regulations Section 1.848-2(g)(82(g) of the Income Tax Regulations effective December 29, 1992, (8) under Section 848 of the Internal Revenue code of 1986, as amended, wherebywhich:
12.1.1 The a. For each taxable year under this Agreement, the party with the net positive consideration for this Agreement for each taxable year consideration, as defined in the regulations promulgated under Treasury Code Section 848, will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both parties b. The Ceding Company and the Reinsurer agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, insure consistency or as otherwise required by the Internal Revenue Service;
c. The Ceding Company shall provide will submit to the Reinsurer with a schedule by May 1 of each year its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement from the Ceding Company stating that the Ceding Company will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
d. The Reinsurer may contest such calculation by no later than May 1 providing an alternate calculation to the Ceding Company in writing within 30 days of the succeeding Reinsurer’s receipt of the Ceding Company’s calculation. If the Reinsurer does not so notify the Ceding Company, the Reinsurer will report the net consideration as determined by the Ceding Company in the Reinsurer’s tax return for the previous calendar year. The Reinsurer shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax year. ;
e. If the Reinsurer contests the Ceding Company's ’s calculation of the net consideration, the parties agree to Parties will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) 30 days of the date the Reinsurer submits its alternative calculation and report alternate calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report reach agreement on the net amount of net consideration consideration, each Party shall report such amount in their respective federal income tax returns for the previous calendar year. Pursuant to IRC Section 848, insurance companies are required to capitalize and amortize specified policy acquisition expenses. The amount capitalized is determined by proxy based on a percentage of “reinsurance premiums,” as defined in the IRS regulation relating to IRC Section 848. At the Reinsurer’s request, the Ceding Company will reimburse the Reinsurer for any positive timing cost to the Reinsurer which results from the application of IRC Section 848 to the policies reinsured hereunder and which the Reinsurer considers material. At the Ceding Company’s request, the Reinsurer will also attach a schedule reimburse the Ceding Company for the absolute value of any negative timing cost to their respective federal income tax returns the Ceding Company which identifies results from the Agreement as a reinsurance agreement for application IRC Section 848 to the policies reinsured hereunder and which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effectCeding Company considers material. The Company Reinsurer and the Reinsurer represent Ceding Company agree, however, that any timing cost which would result from the Regulations published December 29, 1992 pursuant to IRC Section 848 would not be material and warrant that they are thus not subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amendedreimbursement hereunder.
Appears in 3 contracts
Samples: Reinsurance Agreement (Guardian Separate Account K), Reinsurance Agreement (Guardian Separate Acct N of the Guardian Ins & Annuity Co), Reinsurance Agreement (Guardian Separate Acct N of the Guardian Ins & Annuity Co)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(82(9)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term "party" refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848- 2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1848(c)(l); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationconsiderations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 2 contracts
Samples: Reinsurance Agreement (Ameritas Variable Separate Account V), Reinsurance Agreement (Ameritas Life Insurance Corp Separate Account LLVL)
DAC TAX. TREASURY REGULATION SECTION 1.848-2(G)(8) ELECTION The Company CEDING COMPANY and the Reinsurer REINSURER hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code of Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and all subsequent taxable years for which this Agreement remains in effect.
A. The term "party" will refer to either the CEDING COMPANY or the REINSURER as appropriate.
B. The terms used in this Article are defined by reference to Treasury Regulations Section 1.848-2 in effect as of December 29, whereby:1992.
12.1.1 C. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(1); and.
12.1.2 D. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve thisThe parties also agree to exchange information, which may be otherwise required by the Company shall provide IRS.
E. The CEDING COMPANY will submit to the Reinsurer with REINSURER by April 1st of each year, a schedule of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding CEDING COMPANY stating that the CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer shall advise REINSURER may contest such calculation by providing an alternate calculation to the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax yearCEDING COMPANY [redacted]. If the Reinsurer REINSURER does not notify the CEDING COMPANY, the REINSURER will report the net consideration as determined by the CEDING COMPANY in the REINSURER's tax return for the previous calendar year.
G. If the REINSURER contests the CompanyCEDING COMPANY's calculation of the net consideration, the parties agree to will act in good faith to resolve any differences within thirty (30) days reach an agreement as to the correct amount [redacted]. If the REINSURER and CEDING COMPANY reach agreement on an amount of the date the Reinsurer submits its alternative calculation and net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 2 contracts
Samples: Variable Annuity Reinsurance Agreement (Variable Separate Account of Anchor National Life Insur Co), Automatic Reinsurance Agreement (Variable Annuity Account Seven)
DAC TAX. 14.1 The Company and the Reinsurer parties to this Agreement agree to the DAC Tax Election following provisions pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:
12.1.1 (a) The term `party' refers to either the Ceding Company or the Reinsurer, as appropriate.
(b) The terms used in this Article are defined by reference to Regulation Section 1.848-2, effective December 29, 1992.
(c) The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and.
12.1.2 (d) Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Internal Revenue Service.
(e) The Ceding Company shall provide will submit a schedule to the Reinsurer by April 1 of each year with a schedule of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule of calculations will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer shall may contest such calculation by providing an alternative calculation to the Ceding Company in writing within thirty (30) days of the Reinsurer's receipt of the Ceding Company's calculation. If the Reinsurer does not so advise the Ceding Company no later than May 31within the required timeframe, otherwise the amounts Reinsurer will be presumed correct and shall be reported report the net consideration as determined by both parties the Ceding Company in their respective the Reinsurer's tax returns return for such tax the previous calendar year. .
(f) If the Reinsurer contests the Ceding Company's calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer reach an agreement on an amount of net consideration, each party will report the agreed upon amount of net consideration in their respective federal income its tax returns return for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 .
(g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Both the Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.. IDSL VUL4/LP Select Treaty 24
Appears in 2 contracts
Samples: Reinsurance Agreement (Ids Life Variable Life Separate Account), Reinsurance Agreement (Ids Life Variable Life Separate Account)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationnew considerations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 2 contracts
Samples: Reinsurance Agreement (Farmers Variable Life Separate Account A), Reinsurance Agreement (Farmers Variable Life Separate Account A)
DAC TAX. The Company and the Reinsurer Section 1. 848-2(g)(8) Election
17.01 If applicable, both parties agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:. This election shall be effective for all subsequent taxable years for which this Agreement remains in effect.
12.1.1 17.02 The term “party” shall refer to either the Ceding Company or the Reinsurer as appropriate.
17.03 The terms used in this Article are defined by reference to Section 1.848-2 of the Income Tax Regulations in effect December 1992.
17.04 The party with the net positive consideration for this Agreement for each taxable year will shall capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and) of the Internal Revenue Code of 1986.
12.1.2 17.05 Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, consistency or as otherwise required by the Internal Revenue Service.
17.06 The Ceding Company shall provide submit a schedule to the Reinsurer with a schedule by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule of calculations shall be accompanied by a taxable year statement signed by no later than May 1 one of the succeeding Ceding Company’s officers stating that the Ceding Company shall report such net consideration in its tax return for the preceding calendar year. .
17.07 The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within thirty (30) days of the Reinsurer’s receipt of the Ceding Company’s calculation. If the Reinsurer does not so notify the Ceding Company, the Reinsurer shall advise report the net consideration as determined by the Ceding Company no later than May 31, otherwise in the amounts will be presumed correct and shall be reported by both parties in their respective Reinsurer’s tax returns return for such tax the previous calendar year. .
17.08 If the Reinsurer contests the Ceding Company's ’s calculation of the net consideration, the both parties agree to shall act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer submits its alternative calculation and report the amounts agreed upon in their respective tax returns for such yearcalculation. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the If both parties reach agreement on an amount of net consideration consideration, each party shall report such amount in their its respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 2 contracts
Samples: Coinsurance Agreement (Thrivent Variable Life Account I), Coinsurance Agreement (Thrivent Variable Life Account I)
DAC TAX. SECTION 1.848-2(g)(8) ELECTION
1. The Company Reinsurer and the Reinsured each acknowledge that it is subject to taxation under Subchapter “L” of the Internal Revenue Code of 1986 (The “Code”).
2. The Reinsured and the Reinsurer hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended. This election shall be effective for 1998 and for all subsequent taxable years for which this Agreement remains in effect.
3. The terms used in this Article are defined by reference to Regulation Section 1.848-2 in effect December 1992.
4. Each party agrees to attach a schedule to its federal income tax return, whereby:which identifies this Agreement for which the joint election under the Regulation has been made.
12.1.1 5. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and.
12.1.2 6. Both parties Parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistencyconsistency or as otherwise required by the Internal Revenue Service.
7. To achieve this, the Company shall provide The Reinsured will submit a schedule to the Reinsurer with a schedule by May 1, of each year, of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule of calculations will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding Reinsured stating that the Reinsured will report such net consideration on its tax return for the preceding calendar year.
8. The Reinsurer shall advise may contest such calculation by providing an alternative calculation to the Company no later than May 31Reinsured in writing within thirty (30) days of the Reinsurer’s receipt of the Reinsured’s calculation. If the Reinsurer does not so notify the Reinsured, otherwise the amounts Reinsurer will be presumed correct and shall be reported report the net consideration as determined by both parties the Reinsured in their respective the Reinsurer’s tax returns return for such tax the previous calendar year. If the Reinsurer contests the Company's Reinsured’s calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer submits its alternative calculation calculation. If the Reinsured and the Reinsurer reach agreement on an amount of net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
DAC TAX. The (a) Each of the Ceding Company and the Reinsurer agree is subject to taxation under Subchapter L of Chapter 1 of Subtitle A of the DAC Tax Election pursuant to Code. The Ceding Company and the Reinsurer shall each make the election contemplated by Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29Treasury Regulations, 1992if applicable, under Section 848 of the Internal Revenue code of 1986, as amended, whereby:
12.1.1 The party with the net positive consideration for this Agreement for each taxable year will capitalize to determine specified policy acquisition expenses (if any) with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code (the “Election”); . In such instance, each of the Ceding Company and the Reinsurer agrees that (i) the Election shall be effective for the taxable year of each Party that includes the Closing Date and for all subsequent taxable years during which this Agreement remains in effect and (ii) it shall take no action to revoke the Election.
(b) The terms used in this Section 4.08 are defined by reference to Section 1.848-2 of the Treasury Regulations in effect as of the date of this Agreement.
(c) If the Election is applicable, each Party agrees to attach to its U.S. federal income Tax return filed for the first taxable year ending after the Election becomes effective (and each year thereafter) a schedule that identifies this Agreement as the subject of the Election, and, in such case, each Party agrees that it shall file its respective U.S. federal income Tax returns in a manner consistent with the provisions of Treasury Regulations Section 1.848-2. The Party with the net positive consideration under this Agreement for each taxable year shall capitalize specified policy acquisition expenses (if any) with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code.
12.1.2 Both parties (d) To ensure consistency of reporting between the Parties or as otherwise required by the IRS, the Parties agree to exchange information pertaining to the amount of net consideration deemed to be paid pursuant to this Agreement. The Reinsurer shall submit a schedule to the Ceding Company by May 15 of each year that follows a year during which this Agreement was in effect for any portion of such year of the Reinsurer’s calculations of the net consideration under this Agreement each year for the preceding calendar year. The Ceding Company may contest such calculation by providing an alternative calculation to ensure consistencythe Reinsurer in writing within fifteen (15) days of the Ceding Company’s receipt of the Reinsurer’s calculation. To achieve thisIf the Ceding Company does not notify the Reinsurer within such time that it contests the calculation, the Ceding Company shall provide report the net consideration as determined by the Reinsurer with a schedule of its in the Ceding Company’s U.S. federal income Tax return for the previous calendar year.
(e) If the Ceding Company contests the Reinsurer’s calculation of the net considerations for all reinsurance agreements in force between them for a taxable year by no later than May 1 of the succeeding year. The Reinsurer shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax year. If the Reinsurer contests the Company's calculation of net consideration, the parties agree to Parties shall act in good faith to resolve any differences reach an agreement as to the correct amount within thirty fifteen (3015) days of the date that the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the Parties reach an agreement on an amount of net consideration consideration, each Party shall report the agreed upon amount in their respective its U.S. federal income tax returns Tax return for the previous calendar year. The If, during such period, the Ceding Company and the Reinsurer will also attach a schedule are unable to their respective federal income tax returns which identifies reach agreement, they shall within ten (10) days of the Agreement as a reinsurance agreement for which expiration of the DAC Tax Election under Regulation fifteen (15) day period set forth in this Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which 4.08(e), cause the Independent Accountant promptly to review this Agreement remains in effect. The and the calculations of the Ceding Company and the Reinsurer represent for the purpose of calculating the net consideration under this Agreement. In making such calculation, the Independent Accountant shall consider only those items or amounts in the Reinsurer’s calculation as to which the Ceding Company has disagreed. The Independent Accountant shall deliver to the Ceding Company and warrant that they are subject the Reinsurer, within a twenty (20) day period or as promptly as practicable, a report setting forth such calculation. Such report shall be final and binding upon the Ceding Company and the Reinsurer and may be entered and enforced in any court having jurisdiction. The fees, costs and expenses of the Independent Accountant shall be borne equally by the Ceding Company and the Reinsurer.
(f) Notwithstanding anything in this Agreement to U.S. taxation under either the contrary, the provisions of subchapter L this Section 4.08 shall remain in full force and effect after the termination of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amendedthis Agreement.
Appears in 1 contract
Samples: Reinsurance Agreement (Talcott Resolution Life Insurance Co Separate Account Two Dc Var Ac Ii)
DAC TAX. The Company and the Reinsurer Section 1. 848-2(g)(8) Election
17.01 If applicable, both parties agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(82(g) (8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:. This election shall be effective for all subsequent taxable years for which this Agreement remains in effect.
12.1.1 17.02 The term “party” shall refer to either the Ceding Company or the Reinsurer as appropriate.
17.03 The terms used in this Article are defined by reference to Section 1.848-2 of the Income Tax Regulations in effect December 1992.
17.04 The party with the net positive consideration for this Agreement for each taxable year will shall capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and848(c) (1) of the Internal Revenue Code of 1986.
12.1.2 17.05 Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, consistency or as otherwise required by the Internal Revenue Service.
17.06 The Ceding Company shall provide submit a schedule to the Reinsurer with a schedule by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule of calculations shall be accompanied by a taxable year statement signed by no later than May 1 one of the succeeding Ceding Company’s officers stating that the Ceding Company shall report such net consideration in its tax return for the preceding calendar year. .
17.07 The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within thirty (30) days of the Reinsurer’s receipt of the Ceding Company’s calculation. If the Reinsurer does not so notify the Ceding Company, the Reinsurer shall advise report the net consideration as determined by the Ceding Company no later than May 31, otherwise in the amounts will be presumed correct and shall be reported by both parties in their respective Reinsurer’s tax returns return for such tax the previous calendar year. .
17.08 If the Reinsurer contests the Ceding Company's ’s calculation of the net consideration, the both parties agree to shall act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer submits its alternative calculation and report the amounts agreed upon in their respective tax returns for such yearcalculation. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the If both parties reach agreement on an amount of net consideration consideration, each party shall report such amount in their its respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Coinsurance Agreement (Kansas City Life Insurance Co)
DAC TAX. (a) All uncapitalized terms used herein shall have the meanings set forth in the regulations under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).
(b) The Reinsurer represents that it has made the election provided in section 953(d) of the Code to be subject to United States federal income tax. Each of the Company and the Reinsurer agree acknowledges that it is subject to taxation under Subchapter L of the DAC Tax Election pursuant Code and hereby makes the election contemplated by Section 1.848-2(g)(8) of the Treasury Regulations promulgated under section 848 of the Code (the “Treasury Regulations”) with respect to this Agreement. Each of the Company and the Reinsurer (i) agrees that such election is effective for the taxable year of each party that includes the Second Amendment Effective Time and for all subsequent years during which this Agreement remains in effect and (ii) warrants that it will take no action to revoke the election.
(c) Pursuant to Section 1.848-2(g)(8) of the Income Treasury Regulations, each of the Company and the Reinsurer hereby agrees (i) to attach a schedule to its federal income Tax Regulations effective December 29, 1992, return in the form of Schedule 6.1(c) for its first taxable year ending on or after the Second Amendment Effective Time that identifies this Agreement as a reinsurance agreement for which the joint election under Section 848 of 1.848-2(g)(8) has been made, (ii) that the Internal Revenue code of 1986, as amended, whereby:
12.1.1 The party with the net positive consideration for this Agreement for each taxable year will capitalize its specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and
12.1.2 Both parties agree ) of the Code, and (iii) to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistencyconsistency or as otherwise required by the Internal Revenue Service. To achieve this, The Reinsurer shall prepare and execute duplicate copies of the schedule described in the preceding sentence as soon as practicable after the Second Amendment Effective Time and submit them to the Company for execution. The Company shall provide execute the copies and return one of them to the Reinsurer with within thirty (30) calendar days of the receipt of such copies.
(d) The Company shall submit a schedule to the Reinsurer by May 1 of each year of its calculation of the net considerations consideration under this Agreement for all reinsurance agreements in force between them for the preceding taxable year. This schedule of calculations shall be accompanied by a taxable year statement signed by no later than May 1 an authorized representative of the succeeding Company stating that the Company shall report such net consideration in its federal income Tax return for the preceding taxable year. .
(e) The Reinsurer shall advise may contest such calculation by providing an alternative calculation to the Company no later than May 31in writing within thirty (30) calendar days after the date on which the Reinsurer receives the Company’s calculation. If the Reinsurer does not so notify the Company, otherwise the amounts will be presumed correct and Reinsurer shall be reported report the net consideration under this Agreement as determined by both parties the Company in their respective tax returns the Reinsurer’s federal income Tax return for such tax the preceding taxable year. .
a. If the Reinsurer contests the Company's ’s calculation of the net considerationconsideration under this Agreement, the parties agree to shall act in good faith to resolve any differences reach an agreement as to the correct amount of net consideration within thirty (30) calendar days of after the date on which the Reinsurer submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company Reinsurer and the Reinsurer will report Company reach an agreement as to the amount of net consideration under this Agreement, each party shall report such amount in their respective its federal income tax returns Tax return for the previous calendar preceding taxable year. The If, during such period, the Reinsurer and the Company are unable to reach an agreement, they shall promptly thereafter cause Deloitte & Touche USA LLP or, if Deloitte & Touche USA LLP is unable or unwilling to serve, another nationally recognized accounting firm mutually agreeable to the Company and the Reinsurer will also attach a schedule (the “Independent Accountants”) to their respective federal income tax returns promptly review (which identifies review shall commence no later than five (5) calendar days after the selection of the Independent Accountants) this Agreement and the calculations of the Reinsurer and the Company for the purpose of calculating the net consideration under this Agreement. In making such calculation, the Independent Accountants shall consider only those items or amounts in the Company’s calculation as a reinsurance agreement for to which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) Reinsurer has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effectdisagreed. The Company Independent Accountants shall deliver to the Reinsurer and the Company, as promptly as practicable (but no later than thirty (30) calendar days after the commencement of their review), a report setting forth such calculation, which calculation shall result in a net consideration between the amount thereof shown in the Company’s calculation delivered pursuant to Section 6.1(d) and the amount thereof shown in the Reinsurer’s calculation delivered pursuant to Section 6.1(e). Such report shall be final and binding upon the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 Company. The fees, costs and expenses of the Internal Revenue Code of 1986, Independent Accountants shall be borne (i) by the Company if the difference between the net consideration as amended.calculated by the Independent Accountants and the Company’s calculation delivered pursuant to Section 6.1(d) is greater than the difference between the net consideration as calculated by the Independent Accountants and the Reinsurer’s calculation delivered pursuant to Section 6.1(e),
Appears in 1 contract
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term "party" refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1848(c)(l); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationnew considerations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Reinsurance Agreement (Ameritas Variable Separate Account V)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable the preceding calendar year;
f. the Ceding Company may contest such calculation by providing an alternative calculation to the Reinsurer by May 1of the year by no later than May 1 following the end of the succeeding year. The Reinsurer shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationconsiderations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration in consideration, each party shall report such amount In their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Reinsurance Agreement (Thrivent Variable Life Account I)
DAC TAX. The Company and To the Reinsurer agree to the DAC Tax Election pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29, 1992, under extent that Section 848 of the Internal Revenue code Code of 1986, as amendedamended (the “Code”), wherebyand corresponding Regulation 1.848-2 are applicable to the Treaties, the Company and Reinsurer agree as follows:
12.1.1 A. The party with the net positive consideration for this Coinsurance Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Coinsurance Agreement without regard to the general deductions limitation of Code Section 848(c)(1); and.
12.1.2 B. Both parties agree to exchange information pertaining to the amount of net consideration under this Coinsurance Agreement each year to ensure consistency. To achieve thisconsistency or as otherwise required by the Internal Revenue Service.
C. The Reinsurer, on behalf of the Company, will submit a schedule to the Company shall provide by June 1 of each year providing the Reinsurer with a schedule of its Company’s calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding Reinsurer stating that the Reinsurer will report such net consideration in its tax return for the preceding calendar year. .
D. The Company may contest such calculation by providing an alternative calculation to the Reinsurer shall advise in writing within thirty (30) days of Company’s receipt of the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax yearReinsurer’s calculation. If the Company does not so notify the Reinsurer, the Company will report the net consideration as determined by the Reinsurer in the Company’s tax return for the previous calendar year.
E. If the Company contests the Company's Reinsurer’s calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer Company submits its alternative calculation calculation. If the Company and Reinsurer reach agreement on an amount of net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Life Coinsurance Retrocession Agreement (Reinsurance Group of America Inc)
DAC TAX. The Company and the Reinsurer Parties to this Agreement agree to the DAC Tax Election following provisions pursuant to Section 1.848-2(g)(82(9)(8) of the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:
12.1.1 a. The party Party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and.
12.1.2 b. Both parties Parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Internal Revenue Service.
c. If requested by the Reinsurer, the Company shall provide will submit a schedule to the Reinsurer by May of each year with a schedule of its calculation of the net considerations consideration for all reinsurance agreements in force between them for a taxable year by no later than May 1 of the succeeding preceding calendar year. The Reinsurer shall advise may contest such calculation by providing an alternative calculation to the Company no later than May 31in writing within thirty (30) calendar days of the Reinsurer's receipt of the Company's calculation. If the Reinsurer does not so notify the Company within the required timeframe, otherwise the amounts Reinsurer will be presumed correct and shall be reported report the net consideration as determined by both parties the Company in their respective the Reinsurer's tax returns return for such tax the previous calendar year. .
d. If the Reinsurer contests the Company's calculation of the net consideration, the parties agree to Parties will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) calendar days of the date the Reinsurer submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer reach an agreement on an amount of net consideration, each Party will report the agreed upon amount of net consideration in their respective federal income its tax returns return for the previous calendar year. The Company and .
e. Both the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part Ill of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.. END OF ARTICLE XIV
Appears in 1 contract
Samples: Reinsurance Agreement (Symetra Separate Account Sl)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationconsiderations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.. (B17) 00000-00-00 Final 21 3/12/2017
Appears in 1 contract
Samples: Reinsurance Agreement (Allstate Life of N Y Var Life Sep Acct A)
DAC TAX. The Company REINSURED and the Reinsurer REINSURER hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:
12.1.1 . This election shall be effective for 1992 and for all subsequent taxable years for which this Agreement remains in effect. The term “party” will refer to either the REINSURED or the REINSURER as appropriate. The terms used in this Article are defined by reference to Regulation Section 1.848-2 in effect December 1992. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1848(c)(l); and
12.1.2 . Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistencyconsistency or as otherwise required by the Internal Revenue Service. To achieve this, the Company shall provide the Reinsurer with The REINSURED will submit a schedule to the REINSURER by May 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule of calculations will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding REINSURED stating that the REINSURED will report such net consideration in its tax return for the preceding calendar year. The Reinsurer shall advise REINSURER may contest such calculation by providing an alternative calculation to the Company no later than May 31REINSURED in writing within 30 days of the REINSURER’s receipt of the REINSURED’s calculation. If the REINSURER does not so notify the REINSURED, otherwise the amounts REINSURER will be presumed correct and shall be reported report the net consideration as determined by both parties the REINSURED in their respective the REINSURER’S tax returns return for such tax the previous calendar year. If the Reinsurer REINSURER, contests the Company's REINSURED’s calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer REINSURER submits its alternative calculation calculation. If the REINSURED and the REINSURER reach agreement on an amount of net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Coinsurance Agreement (Eastern Insurance Holdings, Inc.)
DAC TAX. TREASURY REGULATION SECTION 1.848-2(g)98) ELECTION The Company CEDING COMPANY and the Reinsurer REINSURER hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, . under Section 848 of the Internal Revenue code of Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and all subsequent taxable years for which this Agreement remains in effect.
A. The term "party" will refer to either the CEDING COMPANY or the REINSURER as appropriate.
B. The terms used in this Article are defined by reference to Treasury Regulations Section 1.848-2 in effect as of December 29, whereby:1992.
12.1.1 C. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(1); and.
12.1.2 D. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve thisThe parties also agree to exchange information, which may be otherwise required by the Company shall provide IRS.
E. The CEDING COMPANY will submit to the Reinsurer with REINSURER by April 1st of each year, a schedule of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding CEDING COMPANY stating that the CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer shall advise REINSURER may contest such calculation by providing an alternate calculation to the Company no later than May 31, otherwise CEDING COMPANY in writing within thirty (30) days of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax yearREINSURER's receipt of the CEDING COMPANY's calculation. If the Reinsurer REINSURER does not notify the CEDING COMPANY, the REINSURER will report the net consideration as determined by the CEDING COMPANY in the REINSURER's tax return for the previous calendar year.
G. If the REINSURER contests the CompanyCEDING COMPANY's calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer REINSURER submits its alternative calculation alternate calculation. If the REINSURER and CEDING COMPANY reach agreement on an amount of net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Manufacturers Life of NY, Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 No. 2001-41NY (gGMIB) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.Page 24 Effective September 17 2001
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (John Hancock Life Insurance Co of New York Separate Account A)
DAC TAX. (a) All uncapitalized terms used herein shall have the meanings set forth in the regulations under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).
(b) The Reinsurer represents that it has made the election provided in section 953(d) of the Code to be subject to United States federal income tax. Each of the Company and the Reinsurer agree acknowledges that it is subject to taxation under Subchapter L of the DAC Tax Election pursuant Code and hereby makes the election contemplated by Section 1.848-2(g)(8) of the Treasury Regulations promulgated under section 848 of the Code (the “Treasury Regulations”) with respect to this Agreement. Each of the Company and the Reinsurer (i) agrees that such election is effective for the taxable year of each party that includes the Amendment Effective Time and for all subsequent years during which this Agreement remains in effect and (ii) warrants that it will take no action to revoke the election.
(c) Pursuant to Section 1.848-2(g)(8) of the Income Treasury Regulations, each of the Company and the Reinsurer hereby agrees (i) to attach a schedule to its federal income Tax Regulations effective December 29, 1992, return in the form of Schedule 6.1(c) for its first taxable year ending on or after the Second Amendment Effective Time that identifies this Agreement as a reinsurance agreement for which the joint election under Section 848 of 1.848-2(g)(8) has been made, (ii) that the Internal Revenue code of 1986, as amended, whereby:
12.1.1 The party with the net positive consideration for this Agreement for each taxable year will capitalize its specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and
12.1.2 Both parties agree ) of the Code, and (iii) to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistencyconsistency or as otherwise required by the Internal Revenue Service. To achieve this, The Reinsurer shall prepare and execute duplicate copies of the schedule described in the preceding sentence as soon as practicable after the Amendment Effective Time and submit them to the Company for execution. The Company shall provide execute the copies and return one of them to the Reinsurer with within thirty (30) calendar days of the receipt of such copies.
(d) The Company shall submit a schedule to the Reinsurer by May 1 of each year of its calculation of the net considerations consideration under this Agreement for all reinsurance agreements in force between them for the preceding taxable year. This schedule of calculations shall be accompanied by a taxable year statement signed by no later than May 1 an authorized representative of the succeeding Company stating that the Company shall report such net consideration in its federal income Tax return for the preceding taxable year. .
(e) The Reinsurer shall advise may contest such calculation by providing an alternative calculation to the Company no later than May 31in writing within thirty (30) calendar days after the date on which the Reinsurer receives the Company’s calculation. If the Reinsurer does not so notify the Company, otherwise the amounts will be presumed correct and Reinsurer shall be reported report the net consideration under this Agreement as determined by both parties the Company in their respective tax returns the Reinsurer’s federal income Tax return for such tax the preceding taxable year. .
a. If the Reinsurer contests the Company's ’s calculation of the net considerationconsideration under this Agreement, the parties agree to shall act in good faith to resolve any differences reach an agreement as to the correct amount of net consideration within thirty (30) calendar days of after the date on which the Reinsurer submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company Reinsurer and the Reinsurer will report Company reach an agreement as to the amount of net consideration under this Agreement, each party shall report such amount in their respective its federal income tax returns Tax return for the previous calendar preceding taxable year. The If, during such period, the Reinsurer and the Company are unable to reach an agreement, they shall promptly thereafter cause Deloitte & Touche USA LLP or, if Deloitte & Touche USA LLP is unable or unwilling to serve, another nationally recognized accounting firm mutually agreeable to the Company and the Reinsurer will also attach a schedule (the “Independent Accountants”) to their respective federal income tax returns promptly review (which identifies review shall commence no later than five (5) calendar days after the selection of the Independent Accountants) this Agreement and the calculations of the Reinsurer and the Company for the purpose of calculating the net consideration under this Agreement. In making such calculation, the Independent Accountants shall consider only those items or amounts in the Company’s calculation as a reinsurance agreement for to which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) Reinsurer has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effectdisagreed. The Company Independent Accountants shall deliver to the Reinsurer and the Company, as promptly as practicable (but no later than thirty (30) calendar days after the commencement of their review), a report setting forth such calculation, which calculation shall result in a net consideration between the amount thereof shown in the Company’s calculation delivered pursuant to Section 6.1(d) and the amount thereof shown in the Reinsurer’s calculation delivered pursuant to Section 6.1(e). Such report shall be final and binding upon the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 Company. The fees, costs and expenses of the Internal Revenue Code of 1986, Independent Accountants shall be borne (i) by the Company if the difference between the net consideration as amended.calculated by the Independent Accountants and the Company’s calculation delivered pursuant to Section 6.1(d) is greater than the difference between the net consideration as calculated by the Independent Accountants and the Reinsurer’s calculation delivered pursuant to Section 6.1(e),
Appears in 1 contract
DAC TAX. 13.1 The Company and the Reinsurer parties to this Agreement agree to the DAC Tax Election following provisions pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:
12.1.1 (a) The term 'party' refers to either the Ceding Company or MARC, as appropriate.
(b) The terms used in this Article are defined by reference to Regulation Section 1.848-2, effective December 29, 1992.
(c) The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and.
12.1.2 (d) Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Internal Revenue Service.
(e) The Ceding Company shall provide the Reinsurer with will submit a schedule to MARC by April 1 of each year with its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule of calculations will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding Ceding Company stating that the Ceding Company will report such net consideration in its tax return for the preceding calendar year. The Reinsurer shall advise MARC may contest such calculation by providing an alternative calculation to the Ceding Company no later than May 31, otherwise in writing within thirty (30) days of MARC's receipt of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax yearCeding Company's calculation. If MARC does not so notify the Reinsurer Ceding Company within the required timeframe, MARC will report the net consideration as determined by the Ceding Company in MARC's tax return for the previous calendar year,
(f) If MARC contests the Ceding Company's calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer MARC submits its alternative calculation calculation. If the Ceding Company and report the amounts agreed upon in their respective tax returns for such year. The term "MARC reach an agreement on an amount of net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer , each party will report the agreed upon amount of net consideration in their respective federal income its tax returns return for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 .
(g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Both the Ceding Company and the Reinsurer MARC represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Automatic and Facultative Yrt Reinsurance Agreement (Nationwide VL Separate Account-G)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(81.848 -2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationnew considerations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Reinsurance Agreement (National Variable Life Insurance Account)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationconsiderations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.. (R14) 00000-00-00 Final 21 3/12/2017
Appears in 1 contract
Samples: Reinsurance Agreement (Allstate Assurance Co Variable Life Separate Account)
DAC TAX. (a) All uncapitalized terms used herein shall have the meanings set forth in the regulations under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).
(b) The Reinsurer represents that it has made the election provided in section 953(d) of the Code to be subject to United States federal income tax. Each of the Company and the Reinsurer agree acknowledges that it is subject to taxation under Subchapter L of the DAC Tax Election pursuant Code and hereby makes the election contemplated by Section 1.848-2(g)(8) of the Treasury Regulations promulgated under section 848 of the Code (the “Treasury Regulations”) with respect to this Agreement. Each of the Company and the Reinsurer (i) agrees that such election is effective for the taxable year of each party that includes the Amendment Effective Time and for all subsequent years during which this Agreement remains in effect and (ii) warrants that it will take no action to revoke the election.
(c) Pursuant to Section 1.848-2(g)(8) of the Income Treasury Regulations, each of the Company and the Reinsurer hereby agrees (i) to attach a schedule to its federal income Tax Regulations effective December 29, 1992, return in the form of Schedule 6.1(c) for its first taxable year ending on or after the Second Amendment Effective Time that identifies this Agreement as a reinsurance agreement for which the joint election under Section 848 of 1.848-2(g)(8) has been made, (ii) that the Internal Revenue code of 1986, as amended, whereby:
12.1.1 The party with the net positive consideration for this Agreement for each taxable year will capitalize its specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and
12.1.2 Both parties agree ) of the Code, and (iii) to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistencyconsistency or as otherwise required by the Internal Revenue Service. To achieve this, The Reinsurer shall prepare and execute duplicate copies of the schedule described in the preceding sentence as soon as practicable after the Amendment Effective Time and submit them to the Company for execution. The Company shall provide execute the copies and return one of them to the Reinsurer with within thirty (30) calendar days of the receipt of such copies.
(d) The Company shall submit a schedule to the Reinsurer by May 1 of each year of its calculation of the net considerations consideration under this Agreement for all reinsurance agreements in force between them for the preceding taxable year. This schedule of calculations shall be accompanied by a taxable year statement signed by no later than May 1 an authorized representative of the succeeding Company stating that the Company shall report such net consideration in its federal income Tax return for the preceding taxable year. .
(e) The Reinsurer shall advise may contest such calculation by providing an alternative calculation to the Company no later than May 31in writing within thirty (30) calendar days after the date on which the Reinsurer receives the Company’s calculation. If the Reinsurer does not so notify the Company, otherwise the amounts will be presumed correct and Reinsurer shall be reported report the net consideration under this Agreement as determined by both parties the Company in their respective tax returns the Reinsurer’s federal income Tax return for such tax the preceding taxable year. ..
a. If the Reinsurer contests the Company's ’s calculation of the net considerationconsideration under this Agreement, the parties agree to shall act in good faith to resolve any differences reach an agreement as to the correct amount of net consideration within thirty (30) calendar days of after the date on which the Reinsurer submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company Reinsurer and the Reinsurer will report Company reach an agreement as to the amount of net consideration under this Agreement, each party shall report such amount in their respective its federal income tax returns Tax return for the previous calendar preceding taxable year. The If, during such period, the Reinsurer and the Company are unable to reach an agreement, they shall promptly thereafter cause Deloitte & Touche USA LLP or, if Deloitte & Touche USA LLP is unable or unwilling to serve, another nationally recognized accounting firm mutually agreeable to the Company and the Reinsurer will also attach a schedule (the “Independent Accountants”) to their respective federal income tax returns promptly review (which identifies review shall commence no later than five (5) calendar days after the selection of the Independent Accountants) this Agreement and the calculations of the Reinsurer and the Company for the purpose of calculating the net consideration under this Agreement. In making such calculation, the Independent Accountants shall consider only those items or amounts in the Company’s calculation as a reinsurance agreement for to which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) Reinsurer has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effectdisagreed. The Company Independent Accountants shall deliver to the Reinsurer and the Company, as promptly as practicable (but no later than thirty (30) calendar days after the commencement of their review), a report setting forth such calculation, which calculation shall result in a net consideration between the amount thereof shown in the Company’s calculation delivered pursuant to Section 6.1(d) and the amount thereof shown in the Reinsurer’s calculation delivered pursuant to Section 6.1(e). Such report shall be final and binding upon the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 Company. The fees, costs and expenses of the Internal Revenue Code of 1986, Independent Accountants shall be borne (i) by the Company if the difference between the net consideration as amended.calculated by the Independent Accountants and the Company’s calculation delivered pursuant to Section 6.1(d) is greater than the difference between the net consideration as calculated by the Independent Accountants and the Reinsurer’s calculation delivered pursuant to Section 6.1(e),
Appears in 1 contract
DAC TAX. TREASURY REGULATION SECTION 1.848-2(G)98) ELECTION The Company CEDING COMPANY and the Reinsurer REINSURER hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective issued December 29, 1992, under Section 848 of the Internal Revenue code of Code 1986, as amended. This election shall be effective for the year this Agreement becomes effective and all subsequent taxable years for which this Agreement remains in effect.
A. The term "party" will refer to either the CEDING COMPANY or the REINSURER as appropriate.
B. The terms used in this Article are defined by reference to Treasury Regulations Section 1.848-2 in effect as of December 29, whereby:1992.
12.1.1 C. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions deduction limitation of IRC Section 848(c)(1); and.
12.1.2 D. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve thisThe parties also agree to exchange information, which may be otherwise required by the Company shall provide IRS.
E. The CEDING COMPANY will submit to the Reinsurer with REINSURER by April 1st of each year, a schedule of its calculation of the net considerations consideration for all reinsurance agreements in force between them for the preceding calendar year. This schedule will be accompanied by a taxable year statement signed by no later than May 1 an officer of the succeeding CEDING COMPANY stating that the CEDING COMPANY will report such net consideration in its tax return for the preceding calendar year. .
F. The Reinsurer shall advise REINSURER may contest such calculation by providing an alternate calculation to the Company no later than May 31, otherwise CEDING COMPANY in writing within thirty (30) days of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax yearREINSURER's receipt of the CEDING COMPANY's calculation. If the Reinsurer REINSURER does not notify the CEDING COMPANY, the REINSURER will report the net consideration as determined by the CEDING COMPANY in the REINSURER's tax return for the previous calendar year.
G. If the REINSURER contests the CompanyCEDING COMPANY's calculation of the net consideration, the parties agree to will act in good faith to resolve any differences reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer REINSURER submits its alternative calculation alternate calculation. If the REINSURER and CEDING COMPANY reach agreement on an amount of net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year. The Company and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Manufacturers Life of N.A., Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 No. 2001-48 (gGMIB) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986Page 24 Effective July 1, as amended.2001
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (John Hancock Life Insurance Co (Usa) Separate Account H)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term “party” refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationconsiderations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.. (460, C01) 10000-00-00 23 12/14/2017
Appears in 1 contract
Samples: Reinsurance Agreement (Penn Mutual Variable Life Account I)
DAC TAX. The Ceding Company and the Reinsurer hereby agree to the DAC Tax Election following, pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986:
a. the term "party" refers to either the Ceding Company or the Reinsurer, as amendedappropriate;
b. the terms used in this Article are defined by reference to Regulation Section 1.848-2, whereby:effective December 29, 1992;
12.1.1 The c. the party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1); and;
12.1.2 Both d. all parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, or as otherwise required by the Company shall provide Internal Revenue Service;
e. the Reinsurer with will submit a schedule to the Ceding Company by April 1 of each year of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the Reinsurer will report such net consideration in force between them its tax return for a taxable year the preceding calendar year;
f. the Ceding Company may contest such calculation by no later than providing an alternative calculation to the Reinsurer by May 1 of the succeeding year. The Reinsurer shall advise year following the Company no later than May 31, otherwise end of the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax taxable year. If the Ceding Company does not notify the Reinsurer contests by May 1, the Company's calculation of net considerationnew considerations reported in the respective tax returns will be the value as defined in Item (e) above;
g. if the Ceding Company submits its alternative calculation, the parties agree to will act in good faith to resolve any differences reach an agreement on the correct amount within thirty (30) days of the date the Reinsurer Ceding Company submits its alternative calculation and report calculation. If the amounts agreed upon in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Ceding Company and the Reinsurer will report the reach agreement on an amount of the net consideration consideration, each party shall report such amount in their respective federal income tax returns for the previous calendar year. The Company and ; and
h. the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Ceding Company and the Reinsurer represent and warrant that they are subject to U.S. United States taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart Subpart F of subchapter Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amended.
Appears in 1 contract
Samples: Reinsurance Agreement (National Variable Life Insurance Account)
DAC TAX. ELECTION STATEMENT
1. The Company and the Reinsurer COMPANY AND SWISS RE LIFE & HEALTH hereby agree to the DAC Tax Election following pursuant to Section 1.848-2(g)(82(g) (8) of the Income Tax Regulations effective Regulation issued December 29, 1992, under Section 848 of the Internal Revenue code Code of 1986, as amended, whereby:. This election shall be effective for 1992 and for all subsequent taxable years for which this Agreement remains in effect.
12.1.1 a. The term "party" will refer to either the COMPANY or SWISS RE LIFE & HEALTH as appropriate.
b. The terms used in this Article are defined by reference to Regulation 1.848-2 in effect December 1992.
c. The party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1848(c) (1); and.
12.1.2 d. Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency. To achieve this, consistency or as otherwise required by the Company shall provide the Reinsurer with Internal Revenue Service.
e. The COMPANY will submit a schedule to SWISS RE LIFE & HEALTH by May 1st of each year, of its calculation of the net considerations consideration for all reinsurance agreements the preceding calendar year. This schedule of calculations will be accompanied by a statement stating that the COMPANY will report such net consideration in force between them its tax return for a taxable year the preceding calendar year.
f. SWISS RE LIFE & HEALTH may contest such calculation by no later than May 1 providing an alternative calculation to the COMPANY by June 1st. If SWISS RE LIFE & HEALTH does not so notify the COMPANY, the COMPANY will report the net consideration as determined by the COMPANY in the COMPANY'S tax return for the previous calendar year.
g. If SWISS RE LIFE & HEALTH contests the COMPANY'S calculation of the succeeding year. The Reinsurer shall advise the Company no later than May 31, otherwise the amounts will be presumed correct and shall be reported by both parties in their respective tax returns for such tax year. If the Reinsurer contests the Company's calculation of net considerationconsiderations, the parties agree to will act in good faith to resolve any differences within thirty (30) days reach an agreement as to the correct amount by July 1st. If the COMPANY and SWISS RE LIFE & HEALTH reach agreement on an amount of the date the Reinsurer submits its alternative calculation and net consideration, each party shall report the amounts agreed upon such amount in their respective tax returns for such year. The term "net consideration" will refer to the net consideration as defined in Regulation Section 1.848-2(f). The Company and the Reinsurer will report the amount of net consideration in their respective federal income tax returns for the previous calendar year.
2. The Company SWISS RE LIFE & HEALTH and the Reinsurer will also attach a schedule to their respective federal income tax returns which identifies the Agreement as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.848.2 (g) (8) has been made. This DAC Tax Election will be effective for all years for which this Agreement remains in effect. The Company and the Reinsurer COMPANY represent and warrant that they are subject to U.S. taxation under either the provisions of subchapter Subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Internal Revenue Code of 1986, as amendedCode.
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Samples: Automatic Reinsurance Agreement (Securian Life Variable Universal Life Account)