content_image/116174.jpg content_image/116170.jpg
$605.8 million were held in trust to satisfy collateral requirements for reinsurance business for the benefit of certain subsidiaries of the company at December 31, 2003. Additionally, securities with an amortized cost of $1,453.8 million, as of December 31, 2003, were held in trust to satisfy collateral requirements under certain third-party reinsurance treaties. Additionally, under certain condi- tions, RGA may be obligated to move reinsurance from one RGA subsidiary company to another or make payments under the treaty. 

deferred and amortized (in thousands): 

These conditions generally include unusual or remote circum- stances, such as change in control, insolvency, nonperformance under a treaty, or loss of reinsurance license of such subsidiary. 

## NOTE 8 DEFERRED POLICY ACQUISITION COSTS 

The following reflects the amounts of policy acquisition costs 

<img src='content_image/116174.jpg'>

Some reinsurance agreements involve reimbursing the ceding company reinsurance agreement, and are capitalized to the extent deemed recoverable from the future premiums and amortized against future profits of the business. This type of agreement presents a risk to the extent that the business lapses faster than originally anticipated resulting in future profits being insufficient to recover the 

## NOTE 9 INCOME TAX 

The provision for income tax expense attributable to income from continuing operations consists of the following (in thousands): 

<img src='content_image/116170.jpg'>

