[Return to the Insurance Tax Seminar Webpage]

Thursday, June 2

[9:00 – 10:00 AM]

1A: Tax Legislative Outlook 2022

The panel, composed of Congressional and Treasury staff, will discuss prospects for legislation, including corporate and international tax measures, retirement security, and the interface with the OECD BEPS Proposals for Pillars 1 and 2.

  • Janice Mays, Managing Director, PwC (Moderator)
  • Adam Carasso, Senior Tax and Economic Policy Advisor, Senate Finance Committee
  • Jamie Cummins, Tax Counsel, Senate Finance Committee
  • Alice Lin, Budget Policy Advisor, House Ways and Means Committee (Majority)
  • Greg Warren, Tax Legislative Assistant, House Ways and Means Committee (Minority)
  • Tom West, Deputy Assistant Secretary for Domestic Business Tax, Office of Tax Policy, U.S. Department of the Treasury

[10:10 – 11:10 AM | Concurrent Sessions]

2A: International Tax – Current Inbound Insurance Issues
The panel will discuss inbound international tax developments impacting the global insurance industry, including OECD tax initiatives such as Pillar II.  The panel also will discuss relevant Biden administration and Congressional proposals, including the proposed adoption of the UTPR to replace the BEAT.  Finally, the panel will discuss the final and proposed PFIC regulations, inbound transfer pricing, and hybrid and remote-working arrangements.

  • Jason Kaplan, Principal & Global Insurance Tax Sector Leader, Deloitte Tax LLP (Moderator)
  • Josephine Firehock, Attorney, Office of Associate Chief Counsel (INTL), IRS
  • Doug Poms, Principal, KPMG LLP
  • Lincoln Terzian, Partner, Grant Thornton LLP
  • Amanda Varma, Partner, Steptoe & Johnson LLP
  • Angela Walitt, Attorney-Advisor, Office of Tax Policy, U.S. Department of the Treasury*

2B: Life Insurance Company Tax Issues

This panel will discuss company taxation issues that are top of mind for life and annuity insurers—including panelists’ initial thoughts on the potential impact of international and U.S.-based legislative and/or budget proposals. Technical topics covered will include life and annuity reserves items, change in basis scenarios, and the implications of the IRS Large Business and International (LB&I) Campaigns on section 807.  The panel also will discuss trends in the reinsurance marketplace, associated regulatory capital considerations; and the impact of LDTI.

  • Andy Seydel, Partner, EY (Moderator)
  • Aditi Banerjee, Vice President & Corporate Counsel Tax, Prudential Financial
  • Thomas Q. Chamberlain, Managing Director Actuarial & Insurance Solutions, Deloitte Consulting LLP
  • Daniel P. Phillips, Senior Counsel, Insurance Branch, Financial Institutions & Products, Office of Chief Counsel, IRS*

 2C: Emerging Topics in Accounting and Financial Reporting for Insurance Companies
The panel will focus on emerging tax accounting risks and uncertainties impacting insurance companies and their tax departments. The panel will also provide a high-level summary of IFRS 17 accounting and tax considerations, followed by an overview of tax accounting issues associated with a rising interest rate environment.

  • John Forni, Managing Director, Grant Thornton LLP (Moderator)
  • Michael C. Beaty, Partner, EY
  • Maura McKinnon, Executive Vice President & Enterprise Tax Director, Liberty Mutual
  • Vincent Scarpati, Partner, PwC

[11:30 AM – 12:30 PM | Concurrent Sessions]

3A: Current Outbound Insurance Tax Issues

This panel will discuss the current, proposed, and possible future considerations with respect to outbound insurance issues in the US federal tax context. The panel will focus on the interaction of Subpart F, GILTI, BEAT and foreign tax credits (including the impact of recently finalized foreign tax credit regulations) and will explore the potential impacts of proposed changes to these rules in future U.S. and global legislation.

  • Chris Riffle, Director, PwC
  • Brion Graber, Partner, Scribner Hall & Thompson LLP
  • Michael Gilman, Branch Chief, Office of Chief Counsel (INTL), IRS
  • Eric Miller, Head of Tax Advisory, International, American International Group (AIG)
  • Chris Ocasal, Principal, EY

3B: Captive Insurance Primer

This panel will provide an overview of captive insurance companies, exploring topics of interest from both an operational and federal income tax law perspective. Panelists will explain the basics of captives, including the types of risks a captive may insure and practical business and operational considerations for forming a captive, as well as the process and benefits of making an IRC section 953(d) election. Panelists will also discuss the requirements for captives to qualify as insurance for federal income tax purposes. Determining whether an arrangement qualifies as insurance involves an analysis of all relevant facts and circumstances and focuses on certain factors, some of which present particularly thorny issues for captives, as the panelists will explain.

  • Lisandra Ortiz, Member, Miller & Chevalier (Moderator)
  • Arash Barkhordar, Principal, Mazars
  • Daniel J. Kusaila, Partner, Crowe
  • Alexis MacIvor, Branch Chief, U.S. Department of  the Treasury*
  • Paul H. Phillips III, Partner, EY

3C: Proliferation of Blockchain and Digital Assets Entering the World of Insurance

Thirteen years ago, Satoshi Nakamoto published “their” Bitcoin white paper.  This sparked transformative impact to investing, financial products, and broader financial services.  Today, we are living an evolution of commerce influenced by blockchain and digital assets hitting every industry in every geography.  Crypto is increasingly a part of major brands and yet, the regulatory environment continues to be dynamic with relatively few tax rules on point.  In this panel,  you will hear from various industry leaders who will provide an overview of the current state of crypto as sit relates to insurance, and explain the regulatory complexities of this evolving ecosystem.

  • Rob Massey, Partner, Deloitte Tax LLP (Moderator)
  • Michele Landon, Managing Director (Tax), Deloitte Tax LLP
  • David Sherwood, Managing Director, Deloitte Tax LLP
  • Lisa Zarlenga, Partner, Steptoe & Johnson LLP

[2:00 – 3:00 PM | Concurrent Sessions]

4A: P&C Companies Taxation

This panel will focus on the federal income taxation applicable to P&C insurance companies. Participants will hear from four unique points of view: government, industry, accounting and law. Discussion will highlight issues relevant to P&C companies.  Additionally, panelists will discuss the foundation of key provisions of Subchapter L.

  • Rob Finnegan, Tax Managing Director, PwC (Moderator)
  • Sonja Lundy, Tax Director, Fairfax (US) Inc.
  • Grey Oyler, Partner, Scribner Hall & Thompson LLP
  • Sarah Pisacich, Tax Managing Director, KPMG LLP
  • Kathryn M. Sneade, Branch Chief (Insurance), Office of Chief Counsel (FIP), IRS (invited) 

4B: Investments Taxation: Now and in the Future

Participants in this session will get view into the most critical issues insurers face from an investments taxation perspective today. Participants will also gain an understanding of what issues to be concerned about as we move forward with pending US and global tax legislation on the horizon. This session is not designed to be a primer in investments taxation and instead will focus on several investment issues that life, P&C, and A&H companies may face and should be considering now and in the future.

  • Al DiGiacomo, Senior Manager, Deloitte Tax LLP (Moderator)
  • Sanjeev Doss, Senior Vice President & Head of Tax, American Equity
  • Bob Leonard, Senior Manager, EY
  • Ryan Wilson, Senior Manager, PwC

4C: Reliance on Authorities, Penalties, and Penalty Defenses

Attendees can expect an introduction to the hierarchy of tax authorities and how different authorities support return positions and penalty defenses.  Panelists will discuss the different levels of confidence a taxpayer can have for a tax return position, and how each level should be supported.  Panelists will also identify the situations that give rise to various penalties and what defenses are available for each penalty.

  • Kiara Rankin, Principal, EY (Moderator)
  • Mary I. Slonina, Managing Director, KPMG LLP
  • Kevin Stults, Counsel, Skadden, Arps, Slate, Meagher & Flom
  • Melissa Wiley, Member, Caplin & Drysdale

[3:10 – 4:10 PM | Concurrent Sessions]

Panel 5A: OECD Developments

The panel will provide an overview of the OECD Pillar One and Pillar Two developments, with a particular emphasis on their potential application to insurance multinationals. The discussion will include examples of a few key practical issues that have arisen and potential implementation timelines.

  • Surjya Mitra, Managing Director, Washington National Tax Services, PwC (Moderator)
  • Paul Aronoff, Vice President & Tax Counsel, Prudential Financial
  • G. “Chip” Harter, Senior Policy Advisor, Washington National Tax Services, PwC
  • Stuart Katz, Vice President of Tax, Athene Holding Ltd.
  • Michael Plowgian, Counselor, U.S. Department of the Treasury
  • Bob Stack, Managing Director, Washington National Tax, Deloitte Tax LLP
  • 5B: Health Company Tax

    This panel will cover recent issues of importance to health insurance companies. Issues involving affiliated provider entities, including the ability of a professional corporation to be included in a consolidated return, will be covered. The panel will discuss Texas v. Commissioner, which addressed the issue of whether the federal government could delegate authority to the American Academy of Actuaries to determine standards for participation in Medicaid.   The panel will also cover issues involving section 162(m)(6), section 162(f), and reporting issues.

  • Maria O. Jones, Member, Miller & Chevalier (Moderator)
  • Rebecca L. Baxter, Senior Technician Reviewer (Insurance), Office of Chief Counsel (FIP), IRS (invited)
  • Jason Divine, Managing Director, Business Tax Services, KPMG LLP
  • Anthony (AJ) Picchione, Senior Tax Counsel, CVS Health Corporation
  • Fred von Rueden, Executive Director, Blue Cross Blue Shield Association

5C: Product Tax Update

This panel will focus on recent product tax developments.  The panelists plan to discuss (1) the recently-proposed regulations on required minimum distributions from qualified plans and IRAs, (2) recent IRS guidance on “substantially equal periodic payments,” (3) recent legislative proposals by the Biden administration, (4) pending legislative proposals involving qualified plans and IRAs as part of the “SECURE 2.0” legislative package, and (5) other relevant developments as time permits.

  • Bryan Keene, Partner, Davis & Harman LLP (Moderator)
  • Rob Fishbein, Vice President & Corporate Counsel (Tax), Prudential Financial, Inc.
  • Brandon M. Ford, General Attorney (Tax), Office of Chief Counsel (EEE), IRS*
  • Shannon Gamache, Lead Counsel (Product Tax), MassMutual
  • Matin Momen, Vice President & Associate General Counsel, MetLife

[4:30 – 5:30 PM | Concurrent Sessions]

6A: Information Reporting and Withholding on Insurance Products

This panel will discuss recent IRS guidance on reporting and withholding related issues as well as other general information reporting issues. Discussions will focus on taking a deep dive into the new and revised pension and annuity payment withholding Forms W-4P and W-4R, as well as related state issues. The panel will also discuss legal settlement reporting to attorneys on Forms 1099-MISC and the re-introduced Form 1099-NEC, and will touch on some of the Administration’s 2023 Revenue Proposals included in the “Greenbook”.

  • Ernest Molinari, Vice President & Corporate Counsel, Prudential Financial, Inc.
  • Denise Hintzke, Global Market Leader, Deloitte Tax LLP
  • Samera Kadry, Assistant Vice President & Senior Counsel, Lincoln Financial Group
  • Mary Monahan, Partner, Eversheds Sutherland LLP

6B: Current M&A Tax Topics and Issues Impacting Insurance Companies

The panel will discuss recent tax legislative proposals potentially affecting M&A transactions, and their anticipated impact on insurance companies.  Reinsurance sidecar transactions involving life insurers will also be considered.  We will explore the recent spate of private equity investments in the insurance sector, including the increasing prevalence of partnerships in transaction structuring.  Finally, we will examine the tax characterization and impact of insurance business transfers (IBTs) and divisions.  Questions from conferees will be welcomed throughout the presentation.

  • Jay Geiger, Counsel, Kramer Levin Naftalis & Frankel LLP (Moderator)
  • Christopher B. Cramer, Head of Tax & Deputy General Counsel, Talcott Resolution
  • M. Kristan Rizzolo, Partner, Eversheds Sutherland LLP
  • Jason Stern, Partner, Deloitte Tax LLP
  • Christine Watson, Insurance M&A Tax Leader, PwC

6C: IRS Procedure & Controversy Items

The panel will discuss a range of federal tax practice and procedure items. Topics will include getting back to the new normal with IRS Exam and Appeals, IRS campaigns, recent informal guidance including the new R&D claim procedure memorandum, and recent underpayment interest litigation developments. The panel will also survey the current state of APA challenges to IRS and Treasury rules and regulations and implications for the insurance industry.

  • Tom Greenaway, Principal, KPMG (Moderator)
  • Jennifer Breen, Partner, Morgan Lewis & Bockius LLP
  • George Hani, Member, Miller & Chevalier
  • Sam Mitchell, Partner, Scribner Hall & Thompson LLP

[Friday, June 3]

[8:30 – 9:10 AM]

Insurance Branch Update

On this panel, attorneys from the Insurance Branch of the IRS Office of Chief Counsel-Financial Institution and Products Division will update attendees on the Insurance Branch’s workplace, personnel, and workload. Insurance Branch personnel also will discuss any recent tax guidance that has been issued by the Branch, including unpaid loss reserve discounting updates and interest rate guidance. The Panel will review the list of current Priority Guidance Plan items and provide commentary as appropriate.

  • Jean Baxley, Managing Director, Deloitte Tax LLP (Moderator)
  • Rebecca L. Baxter, Senior Technician Reviewer (Insurance), Office of Chief Counsel (FIP), IRS (invited)
  • Ian M. Follansbee, Attorney Advisor (Insurance), Office of the Chief Counsel (FI&P), IRS (invited) 
  • John E. Glover, Senior Counsel (Insurance), Office of the Chief Counsel (FI&P), IRS (invited) 
  • Elizabeth (Beth) M. Hill, Attorney Advisor (Insurance), Office of the Chief Counsel (FI&P), IRS (invited) 
  • Megan T. McGuire, Attorney Advisor (Insurance), Office of the Chief Counsel (FI&P), IRS (invited) 
  • Daniel P. Phillips, Senior Counsel (Insurance), Office of the Chief Counsel (FI&P), IRS (invited) 
  • Kathryn M. Sneade, Branch Chief (Insurance), Office of Chief Counsel (FIP), IRS (invited) 

[9:20 – 10:20 AM | Concurrent Sessions]

7A: The COVID Adjusted Workplace

This panel will discuss the approach to managing the tax function in the post-pandemic workplace.  The Panel will address the various risks, levels of governance and operating model approaches that organizations are considering to manage this new dynamic, including issues pertaining to diversity, equity and inclusion.  It will also include discussion around the multi-state employment tax implications as well as other state tax disciplines that are also impacted from this new way of working.

  • Lori Robbins, Managing Director, KPMG LLP (Moderator)
  • Christopher Albert, Partner, Deloitte Tax LLP
  • Richard Ferrari, Partner, EY
  • Melissa Hall, Senior Vice President, Assurant, Inc.

7B: Life-NonLife Consolidation – Primer & Advanced Topics

This panel will cover an overview of life-nonlife consolidated return rules as well as selected advanced topics unique to life-nonlife consolidated returns.   The session will begin with a focus on eligibility to file a life/nonlife consolidated return.  Utilization of life and non-life operating, and capital losses will also be covered including consideration of post-TCJA rules.

  • Lisa Miller, Principal, PwC (Moderator)
  • Russell Jones, Special Counsel, IRS
  • Michelle Klotzbach, Assistant Vice President, MetLife
  • Gary Vogel – Managing Director, EY

7C: The History of the Federal Income Taxation of Annuity Contracts

The federal income tax treatment of annuity contracts reflects the policy view that annuities are an important and effective means for individuals to accumulate savings for retirement and to provide income throughout retirement.  Legislative fine-tuning over the years has ensured that annuity contracts are used for these intended purposes.  This panel will discuss the history of the federal income tax treatment of “nonqualified” annuity contracts that are issued outside of qualified plans or IRAs.

  • Mark E. Griffin, Partner, Davis & Harman LLP (Moderator)
  • Bryan W. Keene, Partner, Davis & Harman LLP

[10:40 – 11:40 AM | Concurrent Sessions]

8A: Multistate Tax Topics of Interest

This panel will discuss trending multistate tax issues affecting the insurance industry.  Topics will include state tax impacts of COVID, pass-through entity taxes, and other legislative and administrative developments and potential trends.

  • Timothy Mahon, Partner, EY (Moderator)
  • Matthew DiDonato, Partner, Grant Thornton LLP
  • Jessica Fahey, Senior Tax Manager, Transamerica
  • Josie Lowman, Managing Director, PwC
  • Sarah Sheldon, Vice President – Tax Legal, Lincoln Financial Group

Panel 8B: The Role of Tax in the ESG Agenda in the Insurance Industry

Sustainability and ESG criteria (environmental, social, governance) have developed from a niche existence to a core topic in society, politics, and among investors. Several legislative and sustainability developments have placed tax firmly on the ESG agenda. The role of tax is increasing and is acknowledged as such due to the potential impact tax may have to certain ESG strategies of an organization. Public tax transparency reporting, tax as an important element of the investment strategy, the impact of tax in ESG insurance products that are launched or will be launched, the flexible working models and other ESG initiatives have certain tax implications. In this panel, we will discuss what the importance of tax is in the ESG agenda, what are the challenges of the tax function in dealing with the ESG initiatives and how these challenges may be tackled.

  • Charalambos Antoniou, Global ESG Insurance Tax Leader, PwC
  • James Gordon, Tax Senior Manager, Deloitte Tax LLP
  • Richard Wireman, Vice President of Tax, Principal

8C: Ethics

This fast-paced, interactive legal ethics program, provided by Jack Marshall of ProEthics, LTD., will present attendees with some of the most perplexing legal ethics problems that face insurance and tax practitioners.  The session will address how to avoid allowing an organization’s biases to interfere with independent judgment and cover recent examples of the eternal conflict between law and ethics in the U.S. Mr. Marshall also will highlight significant game-changing legal ethics opinions that every attorney should know.

  • Jack Marshall, President, ProEthics LTD.

[11:50 AM – 12:30 PM]

Takeaway Panel

Conversation among experienced insurance tax professionals regarding the key issues covered during the seminar.  In addition, the panelists will also provide observations around how the insurance tax dialogue has evolved over the years.  The session will also include an open forum for questions.

  • Frederic J. (Rick) Gelfond, Principal, EY (Moderator)
  • Sheryl Flum, Managing Director, KPMG
  • Tom Gibbons, Senior Vice President – Corporate Strategy, Development, Treasury and Tax, Pacific Life
  • Scott Lenz, Senior Vice President, Deputy General Counsel & Chief Tax Counsel, New York Life Insurance Company
  • Alexis MacIvor, Branch Chief, U.S. Department of the Treasury*
  • Mark S. Smith, Managing Director, PwC