This study investigates property-liability reinsurance tax and riskbased capital motivations subsequent to multiple regulatory changes. I investigate riskbased capital motivations rather than Information Regulatory Information System (IRIS) ratios. I exploit a recent Net Operating Loss (NOL) statutory footnote disclosure and use actual tax NOLs to proxy for firms’ tax status. The sample period is subsequent to Statement of Financial Accounting Standards No. 113 and creates a unique setting where I investigate tax motivations as opposed to financial motivations. As predicted, the results suggest property-liability firms use reinsurance to manage their taxes. The regulatory results indicate a trade-off does not exist between tax and non-tax costs for property-liability firms. I deduce property-liability firms use reserves, rather than reinsurance, to manage their regulatory costs.