- 10 - Life Ins. Co. v. Unites States, supra; Alinco Life Ins. Co. v. United States, supra; Central Reserve Life Corp. & Subs. v. Commissioner, supra. But see Prudential Ins. Co. v. United States, 162 Ct. Cl. 55, 319 F.2d 161, 165-166 (1963). Respondent argues that since Congress did not expressly distinguish between accrued and unaccrued unpaid losses, the plain language of section 816 requires that all unpaid losses on CA&H insurance policies (whether accrued or unaccrued) should be included in the denominator of the life insurance company qualifying fraction. Use by Congress of the word “unaccrued” in section 816(b)(1)(B) does suggest that Congress knew how to distinguish between accrued and unaccrued losses when it wanted to, and, while respondent's plain meaning argument has some appeal, we nevertheless recognize the historical context and the specialized meaning in the LA&H industry of the terms “unpaid losses” and “reserves”. Respondent also argues that under the Golsen rule we should defer to a statement made in United States v. Occidental Life Ins. Co., 385 F.2d 1, 6 (9th Cir. 1967), by the Court of Appeals for the Ninth Circuit (to which an appeal herein would lie) to the effect that the term “unpaid losses” under former section 806 includes accrued unpaid losses. See Golsen v. Commissioner, 54 T.C. 742, 757 (1970), affd. 445 F.2d 985 (10th Cir. 1971).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011