Life Insurance Company Law and Legal Definition

According to 26 USCS § 816 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter L. Insurance Companies; Part I. Life Insurance Companies; Subpart E. Definitions and Special Rules], life insurance company means “an insurance company which is engaged in the business of issuing life insurance and annuity contracts (either separately or combined with accident and health insurance), or noncancellable contracts of health and accident insurance, if--

(1) its life insurance reserves, plus

(2) unearned premiums, and unpaid losses (whether or not ascertained), on noncancellable life, accident, or health policies not included in life insurance reserves,

comprise more than 50 percent of its total reserves.