S
SABeauty
Member
Hi
It says that all life insurance protection business written after 1/1/2013 is no longer classified as BLAGAB but OLTB.
There is a definition about the business being where benefits cannot exceed amt premiums paid except on death or incapacity.
So what kind of products is this actually referring to?
Then they say that taxing this under BLaGaB created a barrier to entry for new entrants since they would have to price on gross expenses. This is why they moved it to OLTB. Why is this same barrier not a problem for all the other types of business in BLAGAB? Eg annuities?
Thanks
It says that all life insurance protection business written after 1/1/2013 is no longer classified as BLAGAB but OLTB.
There is a definition about the business being where benefits cannot exceed amt premiums paid except on death or incapacity.
So what kind of products is this actually referring to?
Then they say that taxing this under BLaGaB created a barrier to entry for new entrants since they would have to price on gross expenses. This is why they moved it to OLTB. Why is this same barrier not a problem for all the other types of business in BLAGAB? Eg annuities?
Thanks