Using the Uniform Transfers to Minors Act - a primer for life insurance companies and professionals

Article Abstract:

The Uniform Transfers to Minors Act (UTMA), as approved by the National Conference of Commissioners on Uniform State Laws in 1983, has been enacted in all but eight states and provides answers to problems faced by insurance companies. When a beneficiary is a minor, previous law stated a court-appointed custodian would have to receive the minor's payment, which can be expensive and time consuming for the surviving family members. However, the UTMA allows direct transfers to a family member if the amount is less than $10,000 and the minor does not have a court-appointed custodian.

Children

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Still more on section 1035

Article Abstract:

The IRS has provided guidance on several issues regarding gain or loss recognition on annuity policy exchanges under IRC section 1035. IRS revenue and private letter rulings concern exchanges of multiple policies for single policies, effect on basis of original purchase date, and the immediate annuity exception. Remaining issues for future IRS guidance include exercises of rights of exchange and guaranteed insurability riders, term policy conversions to permanent policies, and various policy exchanges.

Recognition of gain or loss (Taxation), Recognized gain or loss (Taxation), Tax-free exchanges, Annuities

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Overview of the Life Insurance Illustrations Model Regulation

Article Abstract:

The Life Insurance Illustrations Model Regulation adopted in Dec 1995 by the National Assn of Insurance Commissioners has been adopted by enough states to make it the standard. The model regulation defines illustrations, requires specified certification, and provides rules for additional illustrations and sales. A probable long term result of the regulation is product design change.

Standards, National Association of Insurance Commissioners

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