SECTION 1. PURPOSE

This revenue procedure prescribes the loss payment patterns and discount factors for the 2008 accident year. These factors will be used for computing discounted unpaid losses under § 846 of the Internal Revenue Code. See Rev. Proc. 2008–10, 2008–3 I.R.B. 290, for background concerning the loss payment patterns and application of the discount factors. This revenue procedure also corrects the discount factors for the Composite and International (Composite) lines of business for the 2006 and 2007 accident years in Rev. Proc. 2007–9, 2007–3 I.R.B. 278, and Rev. Proc. 2008–10, 2008–3 I.R.B. 290, for taxpayers that use the composite method of Notice 88–100, 1988–2 C.B. 439.