26 U.S.C. § 6039I — Returns and records with respect to employer-owned life insurance contracts
submitted 20 years ago by Pub. L. 109-280 to r/title-26-INTERNAL-REVENUE-CODE · 220 words · no verdicts yet
This section requires applicable policyholders with employer-owned life-insurance contracts to report employee, insurance, and consent information. It also requires records and adopts section 101(j) definitions.
(a) Each applicable policyholder owning one or more employer-owned life-insurance contracts issued after this section's enactment must file a return for each ownership year showing: (1) employees at year-end; (2) those insured under the contracts; (3) total insurance in force; (4) policyholder name, address, taxpayer* ID, and business type; and (5) that valid consent exists for each insured employee*, or, if not all consents exist, the number without consent. (b) The policyholder must keep records needed to determine compliance with this section and section 101(j). (c) Terms used here that are also used in section 101(j) have section 101(j)'s meanings.
Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary* shall by regulations prescribe) showing for each year such contracts are owned—
the number of employees of the applicable policyholder at the end of the year,
the number of such employees insured under such contracts at the end of the year,
the total amount of insurance in force at the end of the year under such contracts,
the name, address, and taxpayer* identification number of the applicable policyholder and the type of business in which the policyholder is engaged, and
that the applicable policyholder has a valid consent for each insured employee* (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained).
Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be necessary for purposes of determining whether the requirements of this section and section 101(j) are met.
Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j).
Source credit: (Added Pub. L. 109–280, title VIII, § 863(b), Aug. 17, 2006, 120 Stat. 1023.)
- 2006Enacted · Pub. L. 109-280 · 120 Stat. 1023
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-280 on 2006-08-17.
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