Page:United States Statutes at Large Volume 68A.djvu/561

 CH. 34—DOCUMENTARY STAMP TAXES

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Subchapter D—Policies Issued by Foreign Insurers
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Sec. Sec. Sec. Sec. Sec.

4371. 4372. 4373. 4374. 4375.

Imposition of tax. Definitions. Exemptions. Affixing of stamps. Cross references.

SEC. 4371. IMPOSITION OF TAX.

There shall be imposed a tax on each policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer at the following rates: (1) CASUALTY INSURANCE AND INDEMNITY BONDS.—Four cents on each dollar, or fractional part thereof, of the premium charged on the policy of casualty insurance or the indemnity bond, if issued V to or for, or in the name of, an insured as defined in section 4372(d); (2) L I F E INSURANCE, SICKNESS, AND ACCIDENT POLICIES, AND

' ANNUITY CONTRACTS.—One ccut on each dollar, or fractional part thereof, of the premium charged on the policy of life, sickness, or f. accident insurance, or annuity contract, unless the insurer is subject to tax under section 807; (3) REINSURANCE.—One cent on each dollar, or fractional part thereof, of the premium charged on the policy of reinsurance covering any of the contracts taxable under paragraph (1) or (2). SEC. 4372. DEFINITIONS. (a) FOREIGN INSURER OR REINSURER. — For the purpose of this subchapter, the term "foreign insurer or reinsurer" means an insurer or reinsurer who is a nonresident alien individual, or a foreign partnership, or a foreign corporation. The term includes a nonresident alien individual, foreign partnership, or foreign corporation which shall become bound by an obligation of the nature of an indemnity bond. (b) POLICY OF CASUALTY INSURANCE.—For the purpose of section 4371 (1), the term "policy of casualty insurance" means any policy (other than life) or other instrument by whatever name called whereby a contract of insurance is made, continued, or renewed. (c) INDEMNITY BOND.—For the purpose of this subchapter, the term "indemnity bond" means any instrument by whatever name called whereby an obligation of the nature of an indemnity, fidelity, or surety bond is made, continued, or renewed. The term includes any bond for indemnifying any person who shall have become bound or engaged as surety, and any bond for the due execution or performance of any contract, obligation, or requirement, or the duties of any office or position, and to account for money received by virtue thereof, where a premium is charged for the execution of such bond. (d) INSURED.—For the purpose of section 4371(1), the term "insured" means— (1) a domestic corporation or partnership, or an individual resident of the United States, against, or with respect to, hazards, risks, losses, or liabilities wholly or partly within the United States, or § 4372(d)(1) 49012°—54

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