§ 4372. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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.
