Internal Revenue Code:Sec. 4372. Definitions

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle D - Miscellaneous Excise Taxes
       CHAPTER 34 - POLICIES ISSUED BY FOREIGN INSURERS
     

Statute

    Sec. 4372. Definitions
 
    (a) Foreign insurer or reinsurer
      For purposes of section 4371, the term ''foreign insurer or
    reinsurer'' means an insurer or reinsurer who is a nonresident
    alien individual, or a foreign partnership, or a foreign
    corporation.  The term includes a nonresident alien individual,
    foreign partnership, or foreign corporation which shall become
    bound by an obligation of the nature of an indemnity bond.  The
    term does not include a foreign government, or municipal or other
    corporation exercising the taxing power.
    (b) Policy of casualty insurance
      For purposes of section 4371(1), the term ''policy of casualty
    insurance'' means any policy (other than life) or other instrument
    by whatever name called whereby a contract of insurance is made,
    continued, or renewed.
    (c) Indemnity bond
      For purposes of this chapter the term ''indemnity bond'' means
    any instrument by whatever name called whereby an obligation of the
    nature of an indemnity, fidelity, or surety bond is made,
    continued, or renewed.  The term includes any bond for indemnifying
    any person who shall have become bound or engaged as surety, and
    any bond for the due execution or performance of any contract,
    obligation, or requirement, or the duties of any office or
    position, and to account for money received by virtue thereof,
    where a premium is charged for the execution of such bond.
    (d) Insured
      For purposes of section 4371(1), the term ''insured'' means -
        (1) a domestic corporation or partnership, or an individual
      resident of the United States, against, or with respect to,
      hazards, risks, losses, or liabilities wholly or partly within
      the United States, or
        (2) a foreign corporation, foreign partnership, or nonresident
      individual, engaged in a trade or business within the United
      States, against, or with respect to hazards, risks, or
      liabilities within the United States.
    (e) Policy of life, sickness, or accident insurance, or annuity
        contract
      For the purpose of section 4371(2), the term ''policy of life,
    sickness, or accident insurance, or annuity contract'' means any
    policy or other instrument by whatever name called whereby a
    contract of insurance or an annuity contract is made, continued, or
    renewed with respect to the life or hazards to the person of a
    citizen or resident of the United States.
    (f) Policy of reinsurance
      For the purpose of section 4371(3), the term ''policy of
    reinsurance'' means any policy or other instrument by whatever name
    called whereby a contract of reinsurance is made, continued, or
    renewed against, or with respect to, any of the hazards, risks,
    losses, or liabilities covered by contracts taxable under paragraph
    (1) or (2) of section 4371.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 521; Pub. L. 85-859, title I,
    Sec. 141(a), Sept. 2, 1958, 72 Stat. 1300; Pub. L. 94-455, title
    XIX, Sec. 1904(a)(12), Oct. 4, 1976, 90 Stat. 1812.)
 

Miscellaneous

                                 AMENDMENTS
      1976 - Subsec. (a). Pub. L. 94-455 substituted ''section 4371''
    for ''this subchapter'', and inserted provision that term does not
    include a foreign government, or municipal or other corporation
    exercising the taxing power.
      Subsec. (c). Pub. L. 94-455 substituted ''this chapter'' for
    ''this subchapter''.
      1958 - Subsec. (d)(2). Pub. L. 85-859 inserted ''against, or''
    before ''with respect to''.
                      EFFECTIVE DATE OF 1976 AMENDMENT
      Amendment by Pub. L. 94-455 effective on first day of first month
    which begins more than 90 days after Oct. 4, 1976, see section
    1904(d) of Pub. L. 94-455, set out as a note under section 4041 of
    this title.
                      EFFECTIVE DATE OF 1958 AMENDMENT
      Amendment by Pub. L. 85-859 effective on first day of first
    calendar quarter which begins more than 60 days after Sept. 2,
    1958, see section 1(c) of Pub. L. 85-859.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 4371 of this title.