carrier, nonparticipating

  • A carrier operating under a plan whereby it receives definite, fixed premiums for its policies, retaining any profits that may arise from the business, and bearing all losses and expenses involved. Generally, stock companies are nonparticipating carriers.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).