- 33 -
Policy year beginning March 1, 1995:
Premium $107,685,000.00
Loan (112,165,202.89)
Withdrawal (4,080,660.74)
Net premium due (8,560,863.63)
Interest 23,140,858.57
Balance due 114,579,994.94
1Policy year beginning Mar. 1, 1995, was revised at least twice.
The final revision resulted in the following:
Premium $107,685,000.00
Loan (112,112,913.04)
Withdrawal (4,134,020.12)
Net premium due (8,561,933.16)
Interest 23,140,858.57
Balance 14,578,925.41
Amount paid 14,579,994.94
Net refund due 1,069.53
Policy year beginning March 1, 1996:
Premium $107,553,000.00
Withdrawal (129,934,414.41)
Net premium due (22,381,414.41)
Interest 35,497,690.97
Balance due 13,116,276.56
COI and policy expense charges (DAC tax, State premium tax,
commission and loading charges) under petitioner's COLI policies
were as follows:
Policy Cost of Expense
Year Insurance Charges Total
1993 $3,354,561 $3,412,447 $6,767,008
1994 4,641,249 4,721,130 9,362,379
1995 4,890,649 8,516,817 13,407,466
1996 5,173,414 8,990,642 14,164,056
The annual amounts of cash paid by petitioner to AIG for the
COLI policies, compared with the total of COI and policy expense
charges for corresponding years, were as follows:
Page: Previous 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 NextLast modified: May 25, 2011