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Changes to Internal Revenue Code 7702 — What Does It Actually Mean?

2/16/2021 12:00 PM EST - 1:00 PM EST
Webinar
 

Overview

Who Should Watch

CXOs, senior leaders and those involved with life product compliance, distribution, marketing, and others who need a high level overview of the change and what it actually means for life insurance companies going forward. A second, more detailed, webinar is being planned specifically for individuals involved in life insurance product development. Registration is open to corporate office employees of LIMRA and LOMA member companies.

Highlights

In December’s federal COVID-19 relief bill, there was an important change to section 7702 of the IRS Code regarding interest rates used in defining what qualifies as life insurance. This change has immediate implications for permanent life insurance products. In this webinar you’ll learn more about the reason for the change, a high level overview of the effect on universal life and whole life as well as other short- and long-term implications for life insurer carriers.

Presenters

Maureen Shaughnessy, FSA, MAAA
Research Actuary, Insurance Research - Product, LIMRA

Maureen Shaughnessy, FSA, MAAA

Research Actuary, Insurance Research - Product, LIMRA

Maureen Shaughnessy joined LIMRA in 2017 and works on individual life, disability, and long term care insurance product research.  Specifically, she is responsible for the individual life, disability income, and long term care persistency studies, as well as product design and development research. Prior to joining LIMRA, Maureen spent 14 years in various actuarial roles at Northwestern Mutual where she most recently directed the life and annuity experience analytics team.  Prior to that role, she was in charge of experience analytics for long term care.

Maureen earned her bachelor’s degree in Applied Mathematics from the University of Evansville.  She is a member of the Society of Actuaries, and the American Academy of Actuaries.  

Kim Lunn, JD
Assistant General Counsel & Assistant Secretary, Northwestern Mutual

Kim Lunn, JD

Assistant General Counsel & Assistant Secretary, Northwestern Mutual

Kim Lunn is one of the product tax attorneys at Northwestern Mutual. She received her JD from George Washington University and an LLM in taxation from Chicago Kent.  Her legal career started in small suburban Chicago law firms that combined divorce litigation with trust and estate tax planning, but she soon realized that the tax code is far more interesting than divorce.  Kim left the litigation world to join Allstate’s corporate tax department, where she was one of the product tax attorneys for many years.  She joined Northwestern Mutual’s law department in 2014.

Mark C. Rush, JD
Head of Product Tax Legal, MassMutual

Mark C. Rush, JD

Head of Product Tax Legal, MassMutual

Mark C. Rush is Head of Product Tax Legal at Massachusetts Mutual Life Insurance Company. He has been with MassMutual for 20 years and currently manages the product tax group of the law department. Mark’s group is responsible for all legal matters relating to the taxation of MassMutual’s insurance products, including life insurance, annuities, disability income, long-term care, and qualified products. Mark advises on tax compliance in regards to product design, administration, information reporting and tax withholding, and sales and marketing. He also supports and advises on legislative and regulatory matters that may affect the taxation of MassMutual’s products. Prior to joining MassMutual, Mark was senior tax counsel for Allmerica Financial Corporation. Mark received his J.D. from the Western New England University School of Law in 1993. He received his L.L.M. in tax law from Boston University in 1994.

Amanda Young, FSA, CPA, MAAA
Vice President Tax and Tax Policy, Northwestern Mutual

Amanda Young, FSA, CPA, MAAA

Vice President Tax and Tax Policy, Northwestern Mutual

Amanda Young is currently vice president of tax and tax policy at Northwestern Mutual. She just celebrated 20 years at the company, many of which were spent as an actuary focused on valuation topics and PBR. Since tax reform in 2017, Amanda’s role has changed to focus solely on tax and now she heads up the company’s tax operations and tax policy work.

Amanda is originally from Iowa and has a BS in accounting from Iowa State University. She received my CPA in 2001 and FSA in 2008.

Contact us to learn more:

Amanda Cristina

Senior Meeting Planner

LIMRA

(860) 298-3829

acristina@limra.com