Zurich under suspicion
According to media reports, the group is being targeted by US authorities for selling insurance shells to Americans who would use them to evade taxes.
In business, wealthy clients’ assets are “wrapped” in insurance products, among other things to improve taxes.
Photo: Ennio Leanza / Keystone
According to media reports, the Zurich Insurance Group has been targeted by the authorities in the United States. The Gotham City internet platform specializing in white-collar crime wrote Wednesday that it was about selling life insurance or insurance shells to Americans who used them to evade tax. It was also published by the news portal “tippinpoint.ch”.
She said the US Senate Treasury Committee opened an investigation on August 22 into possible tax irregularities in the sale of so-called private life employment insurances (PPLIs). In business, wealthy clients’ assets are “wrapped” in insurance products, among other things to improve taxes. Last year, Swiss Life agreed with US authorities to pay $77 million to delay criminal prosecution.
In the current Zurich case, the investigation reportedly initially targeted Lombard International, a subsidiary of private equity giant Blackstone and a leader in private life insurance. But on September 21, 2022, the commission announced that it had expanded its investigation to include three other companies: the American Council of Life Insurers, Prudential Financial, and Zurich Insurance Group. It is estimated that Zurich holds approximately $14 billion in PPLI assets under management.
AWP
Found an error?Report now.
stock alert
From ABB to Züblin – You will receive an email as soon as a new article appears about the company of your choice.
To use this service, you must log in or register.
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
KTM: Entry into the Supersport Next Generation/Supersport World Championship
Salary dispute: Conflict with cockpit crews costs Aer Lingus Airbus A321 XLR title
People – American star Kim Kardashian in Hamburg – Economy