Louisiana Revised Statutes 47:222 – Gross income of life insurance companies
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Terms Used In Louisiana Revised Statutes 47:222
- Life Insurance Company: means an insurance company engaged in the business of issuing life insurance and annuity contracts (including contracts of combined life, health, and accident insurance), the reserve funds of which held for the fulfillment of such contracts comprise more than fifty per centum (50%) of its total reserve funds. See Louisiana Revised Statutes 47:221
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
In the case of a life insurance company, the term “gross income” means the gross amount of income received during the taxable year from interest, dividends, and rents.
The term “reserve funds required by law” includes, in the case of assessment insurance, sums actually deposited by any company or association with state or territorial officers pursuant to law as guaranty or reserve funds, and any funds maintained under the charter or articles of incorporation of the company or association exclusively for the payment of claims arising under certificates of membership or policies issued upon the assessment plan and not subject to any other use.