Topic: Our meeting via Zoom next Monday will focus on two topics:
- CONNELLY v. UNITED STATES: We will discuss the ramifications of the unanimous decision of the Supreme Court to uphold a lower court decision that estate tax value was not reduced by the redemption obligation funded by life insurance to buy back a deceased owner’s shares.
- PHL VARIABLE INSURANCE COMPANY REHABILITATION: The impact that the Connecticut Superior Court’s decision to appoint the Connecticut Insurance Commissioner as PHL’s Rehabilitator due to that company’s hazardous financial condition. Under some policies, the Court finalized moratorium terms which limit payments.