(a) Application of the law. — Mutual insurance companies, other than life, shall be taxed in the same manner as other corporations, except as hereinafter provided in this section.(b) Gross income. — Mutual marine insurance companies shall include in their gross income the gross premiums collected and received, minus any amounts paid for reinsurance.(c) Deductions. — In addition to the deductions allowed to corporations by § 30104 of this title, the following deductions shall also be allowed to insurance companies, unless otherwise allowed:(1) Mutual insurance companies other than life. — In the case of mutual insurance companies other than life:(A) The net addition required by law to be made within the taxable year to reserve funds, including in the case of assessment insurance companies the actual deposit of sums with officials of the Government of Puerto Rico or officials of any state or territory pursuant to law, as additions to guaranty or reserve funds, and(B) the sums, other than dividends, paid within the taxable year on policy and annuity contracts.(2) Mutual marine insurance companies.

pursuant to law, as additions to guaranty or reserve funds, and(B) the sums, other than dividends, paid within the taxable year on policy and annuity contracts.(2) Mutual marine insurance companies. — In the case of mutual marine insurance companies, in addition to the deductions allowed in clause (1), unless otherwise allowed, amounts repaid to policy holders on account of premiums previously paid by them and interest paid thereon from the ascertainment and the payment thereof.(3) Mutual insurance companies other than life or marine. — In the case of mutual insurance companies (including interinsurers and reciprocal underwriters, but not including mutual life and mutual marine insurance companies) requiring their members to make premium deposits to provide for losses and expenses, the amount of premium deposits returned to their policy holders, and the amount of premium deposits retained for the payment of losses, expenses, and reinsurance reserves. History —Jan. 31, 2011, No. 1, § 1111.11, retroactive to Jan. 1, 2011.