17 NCAC 05E .0104 DIVIDENDS APPLIED TO PURCHASE ADDITIONAL PAID‑UP LIFE
Dividends applied to purchase additional paid‑up life insurance are not taxable under G.S. 105‑228.5 since gross premiums are deemed to be the amounts specified in the life insurance policy contracts when issued.
History Note: Authority G.S. 105‑228.5; 105-262;
Eff. February 1, 1976;
Readopted Eff. February 28, 1978;
Transferred & Recodified from 11 NCAC 11E .0302 Eff. January 15, 1998;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. August 19, 2017.