The $3.5 billion deal came a day after Allstate said it would sell its life insurance business to private-equity giant Blackstone for $2.8 billion.
The insurance giant is shedding part of its overseas assets ahead of U.S. life insurance accounting changes.
While companies have good reasons to buy insurance on executives' lives, lax monitoring of policy performance can destroy much of the value.
The IRS plans to enforce taxpayer compliance by reorganizing its own resources to focus around these specific issues of concern.
Company-owned insurance on employees' lives: Is it a ghoulish practice or a legitimate method of funding retirement plans?
