Wyden Furthers Probe Into Private Placement Life Insurance (1)

Senate Finance Committee Chair Ron Wyden (D-Ore.) on Wednesday sent letters to Prudential Inc., Zurich Insurance Group, and the American Council of Life Insurers, furthering his investigation into the use of private placement life insurance arrangements as a way for wealthy individuals to avoid taxes.

The letters come after Wyden sent a letter on the same topic last month to Lombard International, a subsidiary of Blackstone Inc.

• Wyden said in the letters that he’s concerned that PPLI policies are “being used, without a genuine insurance purpose, to invest in hedge funds and other investments while avoiding billions ...