A bill to amend the Internal Revenue Code of 1954 to make clear the tax treatment intended for guaranteed renewable life, health, and accident insurance contracts in the case of life insurance companies.

[AI summary unavailable — showing source text] Defines, for purposes of gain and loss from operations deductions under the Internal Revenue Code, the term "nonparticipating contracts" to include guaranteed renewable life, health and and accident insurance contracts (other than group contracts) which are issued or renewed for periods of five years or more. (Amends 26 U.S.C. 809 (d)(5))…