SECTION 4. SCOPE

This revenue procedure applies to insurance companies that are required to discount unpaid losses under § 846.

2002–51 I.R.B. 981 December 23, 2002

Section V of Notice 88–100 is obsolete to the extent it provides the composite method for computing discounted unpaid losses is mandatory.

DRAFTING INFORMATION

The principal author of this revenue procedure is Katherine A. Hossofsky of the Office of Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure, contact Ms. Hossofsky at (202) 622–3477 (not a toll-free call).

Rev. Proc. 2002–9, at the time the Form 3115 is filed with the national office. (2) To assist the Service in processing changes in method of accounting under this section of the revenue procedure, and to ensure proper handling, section 6.02(4)(a) of Rev. Proc. 2002–9 is modified to require that a Form 3115 filed under this revenue procedure include the statement: “Automatic Change Filed Under Rev. Proc. 2002– 74.” This statement should be legibly printed or typed on the appropriate line on any Form 3115 filed under this revenue procedure.

.02 Pending applications with national office. If an insurance company filed an application or ruling request with the national office to make a change in method of accounting to a method provided in section 3, and the application or ruling request is pending with the national office on December 4, 2002, the insurance company may change its method of accounting in accordance with this procedure. However, the national office will process the application or ruling request in accor

dance with the authority under which it was filed (including the year of change) unless, prior to the later of March 4, 2003, or the issuance of the letter ruling granting or denying the requested change, the insurance company notifies the national office that it wants to change its method of accounting under this revenue procedure. If the insurance company timely notifies the national office that it wants to change its method of accounting in accordance with this revenue procedure, any user fee that was submitted with the application or ruling request will be returned.