Adjustments to life insurance re- serves. In the event it is determined on the basis of the facts of a particular case that premiums deferred and xxxxx- lected and premiums due and unpaid are not properly accruable for the tax- able year under section 809 and, accord- ingly, are not properly includible under assets (as defined in section 805(b)(4)) for the taxable year, appropriate reduc- tion shall be made in the life insurance reserves. This reduction shall be made when the insurance company has cal- culated life insurance reserves on the assumption that the premiums on all policies are paid annually or that all premiums due on or prior to the date of the annual statement have been paid. [T.D. 6513, 25 FR 12656, Dec. 10, 1960, as amended by T.D. 7172, 37 FR 5619, Mar. 17, 1972]
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