The Treasury Department’s Fiscal 2010 budget proposal is not popular with life insurers, who stand to pay higher taxes if the proposals are enacted.
The proposed rules would eliminate the dividends received deduction life insurers currently enjoy as well as change the rules surrounding the sale of life insurance policies by policyholders and the issuance of corporate-owned life insurance.
In a statement, Frank Keating, president and CEO of the American Council of Life Insurers, blasted the proposals.
“Seventy-five million American families rely on the products offered by life insurers for their financial and retirement security,” he said. “This is absolutely the wrong time to make it more expensive for families, as well as for businesses, to obtain the security and peace of mind our products provide.”
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