The US Internal Revenue Service (IRS) has published proposed regulations on the new information reporting requirements for certain life insurance contracts under the Tax Cuts and Jobs Act (TCJA).

As part of these regulations, every person who acquires a life insurance contract, or any interest in a life insurance contract, in a reportable policy sale during the taxable year must file a return with the IRS.

The new requirements apply to reportable policy sales and payments of reportable death benefits occurring after December 31 2017.

The acquirer must also provide written statements to each payment recipient a...