A bill to amend the Internal Revenue Code of 1986 to clarify the exemption from tax for small property and casualty insurance companies.

Amends Internal Revenue Code provisions concerning tax-exempt insurance companies (other than life insurance companies) to increase from $350,000 to $551,000 (adjusted annually for inflation) the maximum amount of premiums that may be written annually by such a company in order to remain tax-exempt. Raises the maximum amount of premiums that may be written annually by an insurance company (other than a life insurance company) to qualify for an alternative tax for small companies.