SUSPENSION OF POLICYHOLDERS SURPLUS ACCOUNT PROVISIONS.

SEC. 705. SUSPENSION OF POLICYHOLDERS SURPLUS ACCOUNT PROVISIONS.(a) Distributions To Shareholders From Pre-1984 Policyholders Surplus Account.—Section 815 (relating to distributions to shareholders from pre-1984 policyholders surplus account) is amended by adding at the end the following:“(g) Special Rules Applicable During 2005 and 2006.—In the case of any taxable year of a stock life insurance company beginning after December 31, 2004, and before January 1, 2007—“(1) the amount under subsection (a)(2) for such taxable year shall be treated as zero, and “(2) notwithstanding subsection (b), in determining any subtractions from an account under subsections (c)(3) and (d)(3), any distribution to shareholders during such taxable year shall be treated as made first out of the policyholders surplus account, then out of the shareholders surplus account, and finally out of other accounts.”.(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2004.