Intangibles: an intransigent issue
Article Abstract:
The insurance industry is hoping that Congress will pass legislation defining an agent's right to depreciate renewal lists, as maintained in an Apr 1993 decision by the Supreme Court. The Internal Revenue Service (IRS) has attempted to deny this right, and can still dispute renewal list depreciation claims, despite federal tax law and the Supreme Court ruling. Legislation is needed to make the test for intangible asset depreciation more objective, thus forcing the IRS to accept the depreciations.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1993
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Regulating at a snail's pace
Article Abstract:
A joint performance audit of state regulatory systems revealed that states do not properly oversee financially troubled insurance companies. The biggest problems are delay, the reluctance of regulators to publicize solvency information and infrequent reviews. Also problematic is the absence of federal laws that punish insurance crimes; allow the activities of holding companies to be monitored; and mandate stiffer guaranty fund, capital and surplus requirements.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1992
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