manner as prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer's return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year. . (2) Conforming amendments (A) Section 172 is amended by striking subsections (f), (g), and (h), and by redesignating subsection (i) as subsection (f). (B) Section 537(b)(4) is amended by inserting (as in effect before the date of enactment of the Tax Cuts and Jobs Act ) after as defined in section 172(f) . (d) Treatment of certain insurance losses (1) Treatment of carryforwards and carrybacks Section 172(b)(1), as amended by subsections (b)(2) and (c)(1), is amended by adding at the end the following new subparagraph: (C) Insurance companies In the case of an insurance company (as defined in section 816(a)) other than a life insurance company, the net operating loss for any taxable year— (i) shall be a net operating loss carryback to each of the 2 taxable years preceding the taxable year of such loss, and (ii) shall be a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss. . (2) Exemption from limitation Section 172 , as amended by subsection (c)(2)(A), is amended by redesignating subsection (f) as subsection (g) and inserting after subsection (e) the following new subsection: (f) Special rule for insurance companies In the case of an insurance company (as defined in section 816(a)) other than a life insurance company— (1) the amount of the deduction allowed under subsection (a) shall be the aggregate of the net operating loss carryovers to such year, plus the net operating loss carrybacks to such year, and (2) subparagraph (C) of subsection (b)(2) shall not apply. . (e) Effective date (1) Net operating loss limitation The amendments made by subsections (a) and (d)(2) shall apply to losses arising in taxable years beginning after December 31, 2017. (2) Carryforwards and carrybacks The