The life insurance industry obtained some much-needed relief in the recently
passed coronavirus relief stimulus package.
With an effective date of January 1, 2021, the Consolidated Appropriations Act 2021 (the “ACT”) signed by
President Trump into law on December 27, 2020 tasks the life insurance industry to move quickly to implement
the legislative changes to Internal Revenue Code Section 7702. The ACT changes provide relief to an industry
impacted by more than a decade of low interest-rates and further exacerbated by the COVID-19 pandemic. These
key life insurance compliance provisions have the potential to be as disruptive (but in a positive way) as the pivot
to digital and remote work environments only ten short months ago.
This white paper will examine the following:
- Why is a change to 7702 important?
What should we expect?
What is Section 7702?
Download the White Paper on 7702 here.