[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: 26CFR46.4371-4]

[Page 46-47]
 
                       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. 46.4371-4  Records required with respect to foreign insurance policies.

    (a) Each person required under the provisions of Sec. 46.4374-1 to 
remit the tax imposed by section 4371 shall keep or cause to be kept 
accurate records of all policies or other instruments subject

[[Page 47]]

to such tax upon which premiums have been paid. Such records must 
identify each such policy or other instrument in such a manner as to 
clearly establish the following: (1) The gross premium paid; (2) whether 
such policy or other instrument is (i) a policy of casualty insurance or 
an indemnity bond subject to tax under section 4371(1), (ii) a policy of 
life, sickness, or accident insurance or an annuity contract subject to 
tax under section 4371(2), or (iii) a policy of reinsurance subject to 
tax under section 4371(3); (3) the identity of the insured (as defined 
in section 4372(d)); (4) the identity of the foreign insurer or 
reinsurer (as defined in section 4372(a)); and (5) the total premium 
charged and, if the premium is to be paid in installments, the amount 
and anniversary date of each such installment.
    (b) The records required under the provisions of this section must 
be kept on file at the place of business or at some other convenient 
location, for a period of at least 3 years from the date any part of the 
tax became due or the date any part of the tax is paid, whichever is 
later, in such manner as to be readily accessible to authorized internal 
revenue officers or employees. The person having control or possession 
of a policy or other instrument subject to tax under section 4371 shall 
retain such policy or other instrument for at least 3 years from the 
date any part of the tax with respect to such policy was paid.

[T.D. 7023, 35 FR 1012, Jan. 24, 1970. Redesignated by T.D. 8328, 56 FR 
189, Jan. 3, 1991, as amended by T.D. 8442, 57 FR 48186, Oct, 22, 1992]