GAO Tells Lawmakers Offshore Variable Life Can Be Abused

September 2, 2020 by Allison Bell

A U.S. Government Accountability Office (GAO) team is telling Congress that taxpayers can abuse private placement variable life insurance.

The GAO team looked at the product for Sen. Charles Grassley, R-Iowa, the chairman of the Senate Finance Committee. The team focused on two types of offshore insurance: micro-captive insurers controlled by U.S. businesses, and private placement variable life insurance.

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Originally Posted at ThinkAdvisor on September 1, 2020 by Allison Bell.