### Question
How is the "insurance business" defined?


### Answer
The term **insurance business** is defined in *26 U.S.C. § 465* as follows -

> any business which is not a noninsurance business (within the meaning of section 453B(e)(3))

#### Citation:
  - *26 U.S.C. § 465*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter E-Accounting Periods and Methods of Accounting > PART II-METHODS OF ACCOUNTING > Subpart C-Taxable Year for Which Deductions Taken**

