Insurance Subpart F Reform and Improved Foreign Competitiveness Act of 1991

Insurance Subpart F Reform and Improved Foreign Competitiveness Act of 1991 - Amends the Internal Revenue Code to provide that countries comprising the European Community and in which a controlled foreign corporation is subject to a maximum tax rate greater than 90 percent of the U.S. tax on corporations shall constitute a single country for purposes of determining insurance income of foreign corporations.

Excludes from foreign personal holding company income dividends, interest, and gains from the sale or exchange of stock or securities derived from investment by an insurance company of its unearned premiums or reserves, to the extent such premiums or reserves are attributable to the issuance of an insurance contract.

Allows corporations subject to this Act to use the accounting rules of the foreign country in which they are incorporated in qualifying for the exception for certain income subject to high foreign taxes.