To amend the Internal Revenue Code of 1986 to clarify the exemption from tax for small property and casualty insurance companies, and for other purposes.

[AI summary unavailable — showing source text] Amends Internal Revenue Code provisions concerning tax-exempt insurance companies to: (1) require such a tax-exempt company to be solely and directly owned by its policyholders and operate only in one State; and (2) increase from $350,000 to $531,000 (adjusted annually for inflation) the maximum amount of premiums that may be written annually by such a company in order to remain tax-exempt.…