Pennsylvania Code & Bulletin

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 53 Pa.B. 3392 (June 24, 2023).

31 Pa. Code § 90f.14. Tax consequences notice.

§ 90f.14. Tax consequences notice.

 (a)  The form contains a clear statement that the tax status of the accelerated death benefit payment is not clear at this time and that the owner should seek additional information from his personal tax advisor. The statement appears in a prominent position in prominent type on the first page of the rider, or the policy if the benefit is built into the policy. Prominent type means, for example, all capital letters, contrasting color, underlined or otherwise differentiated from the other type in the form.

 (b)  If the tax status is determined by legislation or Internal Revenue Service ruling, a tax consequences notice will not be required until further notification.

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