
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC4372]

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

(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.)


                               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.

                  Section Referred to in Other Sections

    This section is referred to in section 4371 of this title.
