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New BEAT regulations address certain insurance issues

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December 2019


Treasury and the IRS on December 2 released final regulations (the Final Regulations) and proposed regulations (the Proposed Regulations) relating to the base erosion and anti-abuse tax (BEAT) under Section 59A. Treasury and the IRS previously had released proposed regulations (the 2018 Proposed Regulations) under Section 59A. The Final Regulations retain the basic approach of the 2018 Proposed Regulations, with certain revisions. This Tax Insight focuses on insurance-specific issues.

The takeaway

The Final and Proposed Regulations address two important insurance issues: (1) claims payments made to a foreign related insurer and (2) whether netting is permitted with respect to the determination of base eroding reinsurance premiums. In addition, several issues are addressed that apply generally to many businesses.

Multinational insurance companies should review these regulations to determine their impact on them, and consider making comments on open issues that might be of interest to them.

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Julie Goosman

Insurance Tax Services Leader, PwC US

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