Lawsky urges Lew to order IRS review of life insurance loophole
December 16, 2014 by Greg Farrell, Keri Geiger
New York’s regulator accuses U.S. life insurers of taking billions of dollars in undeserved tax deductions.
Benjamin Lawsky, superintendent of the state’s Department of Financial Services, criticized the “insurance inversions” in a letter last month to U.S. Treasury Secretary Jacob Lew. Lawsky said insurers have completed $48 billion in such “shadow” deals in New York and more than $300 billion nationwide. He didn’t name any firms in the letter.
Originally Posted at LifeHealthPro on December 15, 2014 by Greg Farrell, Keri Geiger.
Categories: Industry Articles
