of clause (i) or (ii). (D) Regulations The Secretary shall prescribe such regulations as necessary to carry out the purposes of this paragraph. (4) Qualifying insurance company branch The term qualifying insurance company branch means a qualified business unit (within the meaning of section 989(a)) of a controlled foreign corporation if— (A) such unit is licensed, authorized, or regulated by the applicable insurance regulatory body for its home country to sell insurance, reinsurance, or annuity contracts to persons other than related persons (within the meaning of section 954(b)) in such home country, and (B) such controlled foreign corporation is a qualifying insurance company, determined under paragraph (3) as if such unit were a qualifying insurance company branch. (5) Life insurance or annuity contract For purposes of this section and section 954, the determination of whether a contract issued by a controlled foreign corporation or a qualifying insurance company branch is a life insurance contract or an annuity contract shall be made without regard to sections 72(s), 101(f), 817(h), and 7702 if— (A) such contract is regulated as a life insurance or annuity contract by the corporation's or branch's home country, and (B) no policyholder, insured, annuitant, or beneficiary with respect to the contract is a United States person. (6) Home country For purposes of this subsection, except as provided in regulations— (A) Controlled foreign corporation The term home country means, with respect to a controlled foreign corporation, the country in which such corporation is created or organized. (B) Qualifying insurance company branch The term home country means, with respect to a qualifying insurance company branch, the country in which the principal office of such branch is located and in which such branch is licensed, authorized, or regulated by the applicable insurance regulatory body to sell insurance, reinsurance, or annuity contracts to persons other than related persons (as defined in section 954(b)) in such