To amend the Internal Revenue Code of 1986 to permit the consolidation of life insurance companies with other companies.

Amends the Internal Revenue Code to allow affiliated life and non-life insurance companies to file consolidated tax returns.

Allows: (1) the full application of losses of affiliated non-life insurance companies against the taxable income of an affiliated life insurance company to be phased in over five years; and (2) an automatic waiver of the the five-year waiting period applicable to affiliated non-life insurance companies for offset of their losses against life insurance company income.