equity base

  • For a mutual life company, the sum of its capital and its surplus plus adjustments for items such as nonadmitted financial assets; the excess of statutory reserves over tax reserves; 50 percent of the amount of any provision for policyholder dividends payable in the following tax year; and such other amounts as mandatory securities valuation reserves, deficiency reserves, and any voluntary reserve.

    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).