501(c)(15) Organizations

Definition

Small insurance companies other than life insurers, under a paragraph that has been in the Code since its 1954 enactment, when it covered only mutual companies other than life or marine insurers.^[1] Since 2004 the test is gross receipts of no more than $600,000 for the year with more than half from premiums, or, for a mutual company, gross receipts of no more than $150,000 with more than 35 percent from premiums.^[2]

Federal law

1. Internal Revenue Code of 1954, Pub. L. 83-591, ch. 736, § 501, 68A Stat. 163. Enacted section 501(c)(15) (then mutual insurance companies other than life or marine) as part of the Internal Revenue Code of 1954. Official text: govinfo.gov, U.S. Government Publishing Office.
2. Pension Funding Equity Act of 2004, Pub. L. 108-218, § 206(a), 118 Stat. 610. Rewrote section 501(c)(15)(A), setting the current $600,000 and $150,000 gross-receipts tests. Official text: govinfo.gov, U.S. Government Publishing Office.