WRNewswire


Impact of Final Treasury Department Section 199A Regulations on Availability of Passthrough Deduction for Life Insurance Professionals

Topics: 199A

WRNewswire: The 199A Deduction Series Impact of Final Treasury Department Section 199A Regulations on Availability of Passthrough Deduction for Life Insurance Professionals Favorable results for commission-based life insurance sales This WRNewswire was created exclusively for AALU members by Ken Kies, Managing Director, Federal Policy Group and AALU outside tax counsel. January 30, 2019 …

Generational Split Dollar – IRS Argues Inside Build Up is Retained “Income” of Decedent Triggering Estate Inclusion of Cash Value

Topics: Split-dollar

There has been significant Tax Court activity this year related to generational split dollar arrangements (GSDs), which involve split dollar arrangements between a parent and the parent’s irrevocable trust to fund the trust’s purchase of a life insurance policy typically insuring a child. At the GSD’s termination (death of the insured child or earlier agreement…

AALU Submits Comments on SEC Standard of Care Proposal

Topics: SEC

On April 18th, the Securities and Exchange Commission (SEC) issued a standard of care proposal for broker-dealers and investment advisors that aims to reform the way that financial professionals serve retail investors for the sale of variable life and annuity products. The comment period ended August 7th, and AALU provided comments along with many of…

Treasury Releases Pass-through Deduction Regs

Topics: Passthrough taxation, Tax treatment

Treasury released proposed regulations on the Section 199A deduction for pass-through business owners created in the Tax Cuts and Jobs Act. AALU is currently analyzing the 184 pages of proposed regulations. We will provide follow-up analysis and information. H.R. 1 created a 20% deduction on qualified business income for owners of “pass-through businesses,” where income…

New York State Releases Final Best Interest Regulation

Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation

Yesterday afternoon, the New York Department of Financial Services issued a final best interest rule. As expected, the final rule applies to both life insurance and annuity products, including in-force life insurance policies. While there were positive changes to the rule—for example, it limits the scope on in-force policies to transactions generating new sales compensation—it…

DONE DEAL: The DOL Fiduciary Rule is Officially Dead

Topics: DOL, Regulation

It’s finally official—the DOL Fiduciary Rule is dead. On June 21st, roughly a week after all opportunities for DOL to appeal had passed, the 5th Circuit Court of Appeals officially issued the decision it reached in March, vacating the DOL Rule in its entirety. This marks the end of a controversial regulation first proposed in…

New York State Best Interest Re-Proposal for Annuity and Life Insurance Products – Second Comment Period Closes

Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation

New York State Best Interest Re-Proposal for Annuity and Life Insurance Products – Second Comment Period Closes Thursday, 21 June 2018 WRN 18.06.21 On April 27, the New York Department of Financial Services (DFS) re-proposed its best interest standard for life insurance and annuity products. The deadline for comments was June 15, and AALU…

The Day the DOL Fiduciary Rule Died: 5th Circuit Decision Vacating the rule Takes Effective May 7th, But What Does It Actually Mean For Producers?

Topics: DOL, Fiduciary, Regulation

After all the dust from the last-minute legal wrangling settled, the ruling by the 5th Circuit Federal Court of Appeals vacating the Department of Labor (“DOL”) Fiduciary Rule (“the Rule”) finally took effect on May 7th, 2018. The Rule, and all of its associated prohibited transactions, including the Transition Best Interest Contract Exemption (“Transition BICE”),…