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Comments from the Internal Revenue Service
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agency Appendix banks and thrifts business-owned life insurance business-owned policies cash surrender value collect the data Congress consent of insured consent requirement exists Corporate-Owned Life Insurance Coverage of nonmanagement data on business-owned Employee written consent employees is limited employees may insure Employer and employer-sponsored employer or employer-sponsored excludes group FDIC federal bank regulators Federal Reserve group life insurance guidelines includes a lawful insurable interest exists insurable interest includes insurance companies insurance policies insure the lives insured employees insured is required insured person continue Interest and Consent Internal Revenue Code Internal Revenue Service lawful and substantial lives of directors lives of employees NAIC nonmanagement and retired notification notifying or obtaining oversight permanent life insurance policies and excludes prevalence regulatory retired employees reviewed specific to business-owned sponsored-trust insurable interest statutory consent requirement substantial economic interest survey tax treatment Thrift Financial Report tier 1 capital Treasury trust may insure