NU Online News Service, May 14, 2004, 6:07 p.m. EDT, Washington – More comprehensive data “could be useful” to Congress in assessing the potential effects of legislative proposals relating to corporate-owned life insurance, the United States General Accounting Office says.[@@]
Currently, only limited figures are available on the prevalence and use of COLI, the GAO says.
Data would be most useful if reported separately for business continuation and broad-based policies because legislative proposals have generally treated these policies differently, the GAO says.
Data on the amount of tax-free income that businesses receive from death benefits could help explain the potential effect of changes in the tax treatment of policies on tax revenues, the GAO adds.