applicable insurance liabilities
Defined in 1 place of the United States Code.
The term "applicable insurance liabilities" means, with respect to any life or property and casualty insurance business—
(i) loss and loss adjustment expenses, and
(ii) reserves (other than deficiency, contingency, or unearned premium reserves) for life and health insurance risks and life and health insurance claims with respect to contracts providing coverage for mortality or morbidity risks.
Source
- 2017–present26 U.S.C. § 1297Internal Revenue Code · Passive foreign investment company · for purposes of this section