Senator Wyden Continues Investigation into Private Life Insurance and Other News

Published by
Peter Kavinsky

Senate Finance Committee Chairman Ron Wyden (D-OR) said he is continuing to investigate the use of private life insurance by the richest Americans to evade taxes.

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Wyden began the investigation by corresponding with Lombard International regarding the use of private life insurance, and then sent letters to Prudential Financial, Zurich Insurance Group and the American Council of Life Insurers (ACLI).

Wyden cited reports of private life insurance policies being touted as a tax haven, in addition to a Justice Department investigation raising concerns about private life insurance policies being involved in various offshore tax avoidance schemes.

“I am concerned that these insurance companies are being used for no real insurance purpose to invest in hedge funds and other investments while avoiding billions of dollars in federal taxes,” Wyden wrote. “According to public records, the minimum required to invest in a PPLI policy is $2 million. However, experts note that it is much more common for investors to allocate at least $5 million to ensure that the strategy pays off. By definition, this policy is only available to the richest 1% of Americans and offers many tax breaks not available to most working Americans.”

Last April, Wyden cited the fact that Swiss Life, Switzerland’s largest insurance company, pleaded guilty to using PPLI policies and related investment accounts as an insurance shell to help US taxpayers hide offshore asset ownership and evade taxes. .

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Peter Kavinsky is the Executive Editor at cablefreetv.org

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