Wesley C. and Rhonda A. Wickum - Page 14

                                       - 14 -                                         
          legislative history of section 7702(a).  The conference report              
          for the Deficit Reduction Act of 1984, Pub. L. 98-369, 98 Stat.             
          494, states with respect to the statutory definition in section             
          7702(a) that “A life insurance contract is defined as any                   
          contract, which is a life insurance contract under the applicable           
          State or foreign law” (as long as the contract also meets one of            
          two conditions not relevant here).  H. Conf. Rept. 98-861, at               
          1075 (1984), 1984-3 C.B. (Vol. 2) 1, 329 (emphasis added).  This            
          interpretation is further supported by legislative history of the           
          Technical and Miscellaneous Revenue Act of 1988 (TAMRA), Pub. L.            
          100-647, 102 Stat. 3342.  TAMRA sec. 6078, 102 Stat. 3709, added            
          section 7702(j), which treats certain church self-funded death              
          benefit plans as “life insurance contracts” by exempting them               
          from the section 7702(a) requirement that they be life insurance            
          contracts “under the applicable law”.5  The legislative history             


               5 Sec. 7702(j) provides as follows:                                    
               SEC. 7702(j).  Certain Church Self Funded Death Benefit                
          Plans Treated as Life Insurance.--                                          
                    (1) In general.--In determining whether any plan                  
               or arrangement described in paragraph (2) is a life                    
               insurance contract, the requirement of subsection (a)                  
               that the contract be a life insurance contract under                   
               applicable law shall not apply.                                        
                    (2) Description.--For purposes of this subsection,                
               a plan or arrangement is described in this paragraph                   
               if--                                                                   
                         (A) such plan or arrangement provides for the                
                    payment of benefits by reason of the death of the                 
                                                             (continued...)           




Page:  Previous  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  Next

Last modified: May 25, 2011