On July 10, the IRS and the Treasury Department issued proposed regulations (“Proposed Regulations”) under the passive foreign investment company (“PFIC”) rules of the Internal Revenue Code, addressing, among other things, the PFIC insurance exception as amended by the Tax Cuts and Jobs Act of 2017. The guidance offered by the Proposed Regulations consists of technical provisions that clarify how the PFIC rules would apply to particular circumstances or taxpayers in certain industries (including real estate, financial services, and insurance), but also includes rules of broader application, including narrowing the scope of certain rules under which taxpayers could be treated as indirectly owning stock in a PFIC and clarifying how a corporation treats partnership interests in determining whether it is a PFIC.