Uniform Prudent Investor Act - The Uniform Prudent Investor Act (UPIA) requires trustees of Irrevocable Life Insurance Trusts (ILITs) to maximize benefits and minimize costs of life insurance policies held in trust on behalf of trust beneficiaries. In the same way the Employee Retirement Income Security Act (ERISA) changed the Standard of Care against which Qualified Plan trustees were measured (and held liable), UPIA imposes new responsibilities on ILIT trustees to investigate, monitor and manage life insurance policies held in trust.
- OCC Reg 9 requires fiduciaries to a) determine whether they can properly administer a new life insurance policy, b) evaluate life insurance policies to determine whether they are appropriate for the account, and c) review all trust-owned policies at least once during every calendar year.
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