NU Online News Service, Oct. 1, 2003, 5:59 p.m. EDT — Washington
In a victory for the insurance industry, the Senate Finance Committee today agreed to modify a corporate-owned life insurance provision that has chilled the COLI market.
As part of its consideration of an international tax amendment to the Internal Revenue Code, the Finance Committee agreed to change the effective date of the COLI provision, which was approved last week, from Sept. 17, 2003, to the date of enactment of the legislation.
In addition, the committee agreed to conduct a separate hearing on COLI in two weeks and then reconsider the COLI provision.