[Federal Register Volume 67, Number 202 (Friday, October 18, 2002)]
[Notices]
[Pages 64447-64448]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-26609]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Notice 2002-69

AGENCY: Internal Revenue Service (IRS), Treasury.

[[Page 64448]]


ACTION: Notice and request for comments.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
Notice 2002-69, Interest Rates and Appropriate Foreign Loss Payment 
Patterns For Determining the Qualified Insurance Income of Certain 
Controlled Corporations under Section 954(j).

DATES: Written comments should be received on or before December 17, 
2002 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal 
Revenue Service, room 6411, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of notice should be directed to Carol Savage, (202) 622-3945, or 
through the internet ([email protected]), Internal Revenue 
Service, room 6407, 1111 Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:
    Title: Interest Rates and Appropriate Foreign Loss Payment Patterns 
For Determining the Qualified Insurance Income of Certain Controlled 
Corporations under Section 954(j).
    OMB Number: 1545-1799.
    Notice Number: Notice 2002-69.
    Abstract: Notice 2002-69 allows U.S. shareholders of a foreign 
insurance company to use the foreign insurance company's historical 
loss payment patterns in computing the company's insurance reserves 
provided the company has a certain number of years of data and makes an 
election to use that data. A domestic insurance company can elect to 
use its own historical data in computing its reserves provided certain 
requirements are satisfied and an election is made. This notice allows 
a foreign insurance company to elect to calculate its insurance 
reserves in a manner similar to a domestic insurance company. Also, 
this notice provides guidance on how to determine a foreign insurance 
company's foreign loss payment patterns.
    Current Actions: There are no changes being made to the notice at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 300.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 300.
    The following paragraph applies to all of the collections of 
information covered by this notice:
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Books or records 
relating to a collection of information must be retained as long as 
their contents may become material in the administration of any 
internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Approved: October 15, 2002.
Glenn P. Kirkland,
IRS Reports Clearance Officer.
[FR Doc. 02-26609 Filed 10-17-02; 8:45 am]
BILLING CODE 4830-01-P