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President's health insurance proposal receives chilly Democratic response

  • Faegre Baker Daniels
  • -
  • USA
  • -
  • February 2 2007

In his Jan. 23 State of the Union Address, President Bush outlined a new initiative to treat health insurance similar to the home mortgage interest deduction

IRS rules against qualified long-term care insurance in 401(k) plan

  • Sutherland Asbill & Brennan LLP
  • -
  • USA
  • -
  • February 21 2008

In PLR 200806013 (November 15, 2007), the IRS ruled that the payment of premiums on qualified long-term care insurance by a 401(k) plan would be treated as a taxable distribution in violation of the distribution restrictions of section 401(k)(2)(B

Proposed captive tax deduction rule withdrawn by IRS

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • February 27 2008

The Internal Revenue Service announced on February 20, 2008 that it is withdrawing the proposed IRS Regulation 1.1502-13(e)(2)(ii)(C

IRS provides guidance regarding life insurance contracts

  • Jorden Burt LLP
  • -
  • USA
  • -
  • September 7 2009

In Notice 2009-47, the IRS requests comments on a proposed safe harbor regarding the application of Internal Revenue Code (IRC) Sections 7702 (definition of life insurance) and 7702A (definition of modified endowment contracts) to life insurance contracts that continue after an insured attains age 100

IRS rules on secondary market sales of life insurance contracts

  • Sutherland Asbill & Brennan LLP
  • -
  • USA
  • -
  • May 5 2009

The Internal Revenue Service (the Service) has issued two revenue rulings on the tax consequences of life insurance contracts sold in secondary market transactions or surrendered

IRS issues guidance relating to tax consequences of life insurance transactions

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • May 12 2009

On May 1, 2009, the Internal Revenue Service ("IRS") issued Revenue Rulings 2009-13 and 2009-14 with respect to the federal income tax treatment of certain life insurance transactions, including life settlements

Liberalization of variable insurance product diversification requirements proposed

  • Sutherland Asbill & Brennan LLP
  • -
  • USA
  • -
  • July 31 2007

The Internal Revenue Service (“IRS”) and Treasury published in today’s Federal Register a proposal to amend the regulations under section 817(h) of the Internal Revenue Code (“Code”), which imposes “adequate diversification” requirements on insurance company “segregated asset accounts” (i.e., separate accounts and subaccounts) supporting variable life insurance and annuity contracts (“variable contracts”

IRS approves “longevity” annuity

  • Sutherland Asbill & Brennan LLP
  • -
  • USA
  • -
  • September 28 2009

In Private Letter Ruling 200939018 (June 18, 2009), the Internal Revenue Service (IRS) ruled favorably on an annuity product providing benefits only in the event the annuitant lives to a specified date

Structured settlement update

  • Drinker Biddle & Reath LLP
  • -
  • USA
  • -
  • August 2 2007

Set forth below are summaries of two recent court decisions

Obama Administration's Fiscal Year 2010 Revenue Proposals target insurance industry

  • Jorden Burt LLP
  • -
  • USA
  • -
  • May 13 2009

President Obama's Fiscal Year 2010 Revenue Proposals increase the taxes on insurance companies and products by $4.9 billion for the five-year period 2010-2014 and $12.729 billion for the ten-year period 2010-1019

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