Internal Revenue Code:Sec. 6039I. Returns and records with respect to employer-owned life insurance contracts

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart A - Information Concerning Persons Subject to Special
                Provisions
         

Statute

    Sec. 6039I. Returns and records with respect to employer-owned life 
           insurance contracts

  (a) <<NOTE: Regulations.>> In General.--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--
            (1) the number of employees of the applicable policyholder 
        at the end of the year,
            (2) the number of such employees insured under such 
        contracts at the end of the year,
            (3) the total amount of insurance in force at the end of 
        the year under such contracts,
            (4) the name, address, and taxpayer identification number 
        of the applicable policyholder and the type of business in which 
        the policyholder is engaged, and
            (5) 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).
    (b) Recordkeeping Requirement.--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.
    (c) Definitions.--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).
       

Sources

2006 - Pension Protection Act of 2006 (P.L. 109-280)
Added new section
     

Miscellaneous

                              EFFECTIVE DATES
2006 - Pension Protection Act of 2006 (P.L. 109-280)
Section 863(d) <<NOTE: Applicability. 26 USC 101 note.>> Effective Date.--The 
amendments made by this section shall apply to life insurance contracts 
issued after the date of the enactment of this Act, except for a 
contract issued after such date pursuant to an exchange described in 
section 1035 of the Internal Revenue Code of 1986 for a contract issued 
on or prior to that date. For purposes of the preceding sentence, any 
material increase in the death benefit or other material change shall 
cause the contract to be treated as a new contract except that, in the 
case of a master contract (within the meaning of section 264(f)(4)(E) of 
such Code), the addition of covered lives shall be treated as a new 
contract only with respect to such additional covered lives.