United States · Bill · S
S. 1687 (114th)
Offshore Reinsurance Tax Fairness Act
Introduced
25 June 2015
Last action
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Status
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4650; text of measure as introduced: CR S4650-4652)
Sponsors
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Subjects
Discovery layer
Source updated
12 August 2025
Summary
Offshore Reinsurance Tax Fairness Act Amends the Internal Revenue Code to define "qualifying insurance corporation," for purposes of the insurance business exception to passive foreign investment company rules, as a foreign corporation: (1) that would be subject to U.S. taxation if it were a domestic corporation, and (2) the applicable insurance liabilities of which constitute more than 25% of its total assets. Allows an alternative facts and circumstances test for insurance corporations whose applicable insurance liabilities are not at least 25% of total assets if such percentage is at least 10% and the corporation is predominantly engaged in an insurance business.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 25 June 2015
Introduced in Senate (PDF)
Introduced in Senate · EN · 25 June 2015
Introduced in Senate
summary · EN · 25 June 2015
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/114th-congress/senate-bill/1687
- Open data entity: https://api.congress.gov/v3/bill/114/s/1687