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TREAS/IRS RIN: 1545-BP91 Publication ID: Spring 2024 
Title: Exception to Passive Income Characterization of Certain Insurance Companies With Respect to Passive Foreign Investment Companies 
Abstract:

This regulation will provide guidance regarding the determination of whether a foreign corporation is treated as a passive foreign investment company (PFIC) for purposes of the Internal Revenue Code (Code). It will also provide guidance regarding the treatment of income and assets of a qualifying insurance corporation (QIC) that is engaged in the active conduct of an insurance business (PFIC insurance exception).

 
Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 1297(b)(2)(B)    26 U.S.C. 1298(b)(7)    26 U.S.C. 1297(f)(3)(B)(ii)    26 U.S.C. 1297(f)(4)(A)(iii)    26 U.S.C. 1297(f)(2)(B)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM and NPRM Withdrawal  01/15/2021  86 FR 4582   
NPRM Comment Period End  04/14/2021 
Final Rule (TD 9956)  09/24/2021  86 FR 52971   
Final Rule Effective  09/24/2021 
Final Action  05/00/2025 
Additional Information: REG-111950-20 (Final) Drafter attorneys: Josephine Firehock (202) 317-4932 and Alfred Bae (202) 317-4237 Reviewer attorneys: Je Baik (202) 317-4942 and Kristine Crabtree (202) 317-4998 Treasury attorneys: Angela Walitt (202) 622-1787 and Erika Nijenhuis (202) 622-0843 CC:INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: No 
Agency Contact:
Josephine H. Firehock
Attorney-Advisor
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-4932
Fax:855 589-8672
Email: josephine.firehock@irscounsel.treas.gov

Alfred Bae
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue, NW , Room 4579 ,
Washington, DC 20224
Phone:202 317-6934
Email: alfred.h.bae@irscounsel.treas.gov