WRNewswire


Implications of the Treasury Department’s Final Regulations on Reportable Policy Sales for 1035 Exchanges Made by Businesses

Topics: COLI/BOLI

On October 31, the Treasury Department released its final regulations on Reportable Policy Sales (RPS) final rule. In addition to clarifying the tax implications for company-owned life insurance (“COLI”) and bank-owned life insurance (“BOLI”) transferred in ordinary course transactions, the rule also cemented the Treasury Department’s position on how the requirements will apply with respect…

Impact of the Treasury Department’s Final Regulations on Reportable Policy Sales on COLI/BOLI Marketplace

Topics: Transfer for value

Disclaimer This memorandum is not intended to constitute tax or legal advice. The Regulation https://www.govinfo.gov/content/pkg/FR-2019-10-31/pdf/2019-23559.pdf Publication Date: October 31, 2019 Background The Tax Cuts and Jobs Act of 2017 (the “TCJA”) modified the prior-law exceptions of the Transfer for Value rules (“TFV Rules”) to include a new reportable policy sale requirement that is applicable to…

Treasury Department Releases Final Transfer for Value Regulations

October 28, 2019 WRN 19.10.28 Treasury Department Releases Final Transfer for Value Regulations Late Friday, the Treasury Department issued final regulations regarding reportable policy sales stemming from changes in the Tax Cuts and Jobs Act (TCJA). We are still reviewing the final regulations, however, it is clear that Treasury was responsive to AALU feedback about…

New York’s Department of Financial Services Releases Long-Awaited Guidance on Rule 187:  What Producers Need to Know

September 25, 2019 WRN 19.09.25 New York’s Department of Financial Services Releases Long-Awaited Guidance on Rule 187: What Producers Need to Know The New York Department of Financial Service’s (NYDFS) new Best Interest regulation for life insurance and annuity transactions (Rule 187) requires producers to make significant changes in how they develop, document, and disclose…

New York’s New “Best Interest” Regulation 187 Applies to Annuity Transactions on August 1—Are Producers Ready? Here’s What You Need to Know.

Topics: Best interest, Regulatory

July 17, 2019 WRN 19.07.17 Whether producers are ready or not, New York’s new “Best Interest” rule Regulation 187 (“the Rule”) will first apply next month, August 1st, for annuity transactions, and on February 1, 2020 for life insurance transactions. As we summarized in our previous Issue Alert, the Rule makes important changes that require…

COLI/BOLI – New Transfer for Value Regulation

Topics: Transfer for value

March 22, 2019 WRN 19.03.22 This morning, Treasury and the IRS released a proposed regulation related to reportable policy sales of life insurance contracts that will address the transfer for value issue. Our initial analysis is that the proposed rule looks good and will largely address the concerns outlined in our comment letter June 2018....