IRS Releases 2023 Discount Factors for Insurance Companies
- Jan 24, 2024
- Barbara Pena
- Margaret Nysch
The IRS has issued Revenue Procedure 2023-41, which prescribes the discount factors to be used by insurance companies to compute discounted unpaid losses and discounted salvage recoverable for the 2023 accident year. For convenience, the revenue procedure also includes discount factors for losses incurred in the 2022 accident year and prior.
The revenue procedure is applicable to all insurance companies required to discount unpaid losses under IRC Sec. 846 and all insurance companies required to discount estimated salvage recoverable under IRC Sec. 832.
Calculate Your Discounted Loss Reserves
EisnerAmper has created a tool to help you calculate your discounted loss reserves. Access our easy-to-use (and free) template by filling out this brief form. Then simply input your loss reserves by accident year and line of business – our tool will do the rest.
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