ADMINISTRATIVE

Rev. Proc. 2002–74, page 980. Insurance companies; loss discounting. This procedure clarifies that the composite method set forth in Notice 88–100 for discounting unpaid losses is permitted, but not required, for certain insurance companies subject to tax under section 831 of the Code. This document further provides an alternative method that is permitted for insurance companies not using the composite method, and sets forth a procedure for insurance companies to obtain automatic consent of the Commissioner to change to either method of accounting. Section V of Notice 88–100 obsolete to the extent it provides that the composite method is mandatory. Rev. Proc. 2002–9 modified and amplified.

Announcement 2002–114, page 983. This document contains a correction to the advance notice of proposed regulations (published as Announcement 2002–91, 2002–40 I.R.B. 685) relating to the issuance of tax-exempt bonds for the government use portion of an output facility that is used for both government and private business use.