생명보험회사의 상장이익배분과 과세문제 = The Tax Treatment of Life Insurance Settlements

다국어 초록 (Multilingual Abstract)

This paper anaylzes “The Tax Treatment of Life Insurance Settlements,” in terms of Life insurance Co., and policyholders. In the legal perspective, the right of common shareholders will not be given to insurance policyholders. Although unrealized capital gains are proportionately distributed through the settlement agreement, taxes will be levied on the indemnity as other income. This compensation will also be deductible to Life insurance co., as necessary and reasonable cost in the course of listing.In the substantial viewpoints, policyholders are regarded to have the similar right to the general shareholders. The right of shareholders in mutual companies cannot be bestowed on the Korean insurance policyholders. Their right will be recognized only on the basis of the legal and substantial right of the original shareholders.Demutualization distributions from other countries differ in that policyholders in Korea enjoy the right of distribution of capital gains while they are not be held responsible for the capital loss. It is reasonable that starting from the enlisting, capital gains should be distributed to the policyholders at the cost of giving up the similar right of shareholders.The method of distributions should be by cash and the compensations for the transfer of the right will be taxed as capital gains. The current regulations, however, do not have the concrete definition of capital gains. Instead it can be taxed as temporary property income or capital gains. It is also urged that special rules should be enacted to clearly solve the taxation problems of the gain distribution that stems from insurance co's going public.<Key words> Insurance Co., Insurance Policyholders, Taxes攀 * Assistant Professor, Department of Business Administration, The Catholic University of Korea.