,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #hga  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #f1 #bjag,mr4
 ,smi? ( ,miss\ri 7= himself1 ,mr4      
,l>son ( ,connecticut1 & ,mr4 ,royce (  
,cali=nia7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,ways &     
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to exempt premiums
 paid on non-ca%-value prop]ty &        
casualty insurance f ! taxes to en=ce   
report+ on c]ta9 =eign acc\nts4  #a4    
,exemption = premiums paid on           
non-ca%-value prop]ty & casualty        
insurance f taxes to en=ce report+ on   
c]ta9 =eign acc\nts  7a7 ,9 g5]al       
,section #adgc7a7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by r$esignat+    
subp>agraph 7,c7 z subp>agraph 7,d7 & by
 ins]t+ aft] subp>agraph 7,b7 ! foll[+  
new subp>agraph3  7,c7 ,exception =     
premiums paid on non-ca%-value prop]ty &
 casualty insurance  7i7 ,9 g5]al ,su*  
t]m %all n include any premium paid =   
any insurance contract if--  7,i7 su*   

insurance contract does n h an aggregate
 ca% value great] ?an z]o1 &  7,,ii7 no 
portion ( ! res]ves1 une>n$ premiums1 or
 unpaid losses1 ) respect to su*        
contract are tak5 into acc\nt "u        
p>agraph 7#a7 or 7#b7 ( section         
#haf7;a74  7ii7 ,ca% value ,! t]m ca%   
value means any am\nt 7det]m9$ )\t      
r$uction = any *>ge or policy loan7 t-- 
7,i7 is payable "u ! contract to any    
p]son ^u surr5d]1 t]m9ation1            
cancellation1 or )drawal1 or  7,,ii7 c  
be borr[$ by any p]son "u1 or ) reg>d   
to1 ! contract 7includ+ by pl$g+ z      
collat]al74  7iii7 ,exceptions ,not)/&+ 
clause 7ii71 ! t]m ca% value %all n     
include any am\nt payable--  7,i7 solely
 by reason ( ! dea? ( an individual     
insur$ "u a life insurance contract1    
7,,ii7 z a p]sonal injury or sickness   
b5efit or a b5efit provid+              
indemnification ( an economic loss      
incurr$ ^u ! occurr5ce ( ! ev5t insur$  
aga9/1  7,,iii7 z a refund ( a previ\sly
 paid premium 7less co/ ( insurance     

*>ges :e!r or n actually impos$7 "u an  
insurance contract 7o!r ?an a life      
insurance contract7 due to cancellation 
or t]m9ation ( ! contract1 decrease 9   
risk exposure dur+ ! effective p]iod ( !
 contract1 or aris+ f ! correction ( a  
po/+ or simil> error ) reg>d to !       
premium = ! contract1  7,,iv7 z a       
policyhold] divid5d 7o!r ?an a t]m9ation
 divid5d7 provid$ t ! divid5d relates to
 an insurance contract "u :i* ! only    
b5efits payable are describ$ 9 subclause
 7,,ii71 or  7,v7 z a return ( an       
advance premium or premium deposit = an 
insurance contract = :i* ! premium is   
payable at lea/ annually if ! am\nt ( ! 
advance premium or premium deposit does 
n exce$ ! next annual premium t w be    
payable "u ! contract4  4  7b7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to paym5ts made aft] 
! date ( ! enactm5t ( ?is ,act4