GAO Tells Lawmakers Offshore Variable Life Can Be Abused
September 2, 2020 by Allison Bell
A U.S. Government Accountability Office (GAO) team is telling Congress that taxpayers can abuse private placement variable life insurance.
The GAO team looked at the product for Sen. Charles Grassley, R-Iowa, the chairman of the Senate Finance Committee. The team focused on two types of offshore insurance: micro-captive insurers controlled by U.S. businesses, and private placement variable life insurance.