[Code of Federal Regulations]
[Title 26, Volume 16]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR46.4371-3]

[Page 46]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 46_EXCISE TAX ON POLICIES ISSUED BY FOREIGN INSURERS AND OBLIGATIONS 
NOT IN REGISTERED FORM--Table of Contents
 
          Subpart B_Tax on Policies Issued by Foreign Insurers
 
Sec. 46.4371-3  Rate and computation of tax.

    (a) Rate of tax. (1) The tax under section 4371(1) is imposed at the 
rate of 4 cents on each dollar, or fractional part thereof, of the 
premium payment.
    (2) The tax under section 4371 (2) and (3) is imposed at the rate of 
1 cent on each dollar, or fractional part thereof, of the premium 
payment.
    (b) Meaning of premium payment. For purposes of this subpart, the 
term ``premium payment'' means the consideration paid for assuming and 
carrying the risk or obligation, and includes any additional assessment 
or charge paid under the contract, whether payable in one sum or 
installments.