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117880 1 (1982-03-18)

handle is hein.gao/gaobacsui0001 and id is 1 raw text is: U. S. GENERAL ACCOUNTING OFFICE WASHINGTON, D. C. 20548 FOR RELEASE ON DELIVERY Expected at 9:30 EST Thursday, March 18, 1982 STATEMENT OF MORTON A. MYERS DIRECTOR, PROGRAM ANALYSIS DIVISION BEFORE THE SENATE COMMITTEE ON FINANCE ON 117880 MODIFIED COINSURANCE Mr. Chairman and Members of the Committee: We are pleased to be here today to discuss our ongoing work in the area of modified coinsurance. This work was undertaken at the request of the Joint Committee on Taxation and is an outgrowth of earlier work we did on the special provisions of the Internal Revenue Code under which life insurance companies are taxed. By entering into modified coinsurance agreements tnder Section 820 of the Internal Revenue Code, some insurance companies--most notably the very large mutual companies--are able to convert invest- ment income on which they pay taxes into underwriting gains on which they pay little, if any, taxes. This was not the intent of Congress when section 820 was included in the code. It was intended to avoid possible double taxation when these coinsurance arrangements are used.

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