Insurance industry (11 - 16 of 16 items)
[Taxation of Property/Casualty Insurance Industry]
128329: Aug 20, 1985
GAO views on the taxation of the property and casualty insurance industry were given. GAO believes that Congress should reexamine several aspects of the tax code dealing with property and casualty insurance companies because, although they had about $28 billion in underwriting losses from 1974 through 1983, they had about $100 billion in investment gains during that period, resulting in a total ga...
Congress Should Consider Changing Federal Income Taxation of the Property/Casualty Insurance Industry
GGD-85-10: Published: Mar 25, 1985. Publicly Released: Mar 25, 1985.
GAO examined the provisions of the Internal Revenue Code which are used to determine the taxable income of the property and casualty insurance industry. These companies are similar to other companies in that the premium income is analogous to the sales receipts; however, a difference lies in claim payments which may not be made until a future year, while the premiums are received currently. In exa...
Taxation of the U.S. Property/Casualty Insurance Industry
121657: Jun 13, 1983
Testimony was given concerning GAO work on tax policy issues pertaining to the property and casualty insurance industry. GAO has found three areas where tax code treatment for insurance companies differs in important ways from the concept of economic income. Because of the definition of taxable income that is currently used, the tax burden of property and casualty companies is lower than it otherw...
Comments on H.R. 5646
B-196663: Published: Jan 10, 1980. Publicly Released: Jan 10, 1980.
Proposed legislation would extend disclosure coverage to certain insurance records and improve information practices in the insurance industry, among other purposes. Under the bill, insurance records of consumers would be protected from disclosure in a similar manner to that presently provided by the Privacy Act for records systems maintained by Federal agencies. The bill addresses: expectations o...
My Car Insurance Is How Much?
111447: Jan 1, 1980
This article appeared in the GAO Review, Vol. 15, Issue 1, Winter 1980. All of the states except Illinois have some legal authority over the price of automobile insurance. In general, the law provides that rates be neither excessive, inadequate, nor unfairly discriminatory. The original impetus of rate regulations was to prevent prices from becoming so low that insurance companies did not have suf...
Issues and Needed Improvements in State Regulation of the Insurance Business
PAD-79-72: Published: Oct 9, 1979. Publicly Released: Oct 9, 1979.
Insurance consumer protection and regulation have been conducted on the state level since the passage of the McCarran-Ferguson Act in 1944. A study, which examined the resources and activities of the state insurance departments through a questionnaire to all states and a fieldwork sample of 17 states, found serious shortcomings in state laws and regulatory activities. Its primary focus was on regu...