Swiss Life Holding, Switzerland’s largest life insurance company, and three of its subsidiaries entered a deferred prosecution agreement (DPA) and will pay $77.4 million for conspiring with U.S. taxpayers to conceal more than $1.4 billion in offshore insurance policies, the Department of Justice announced Friday.
Swiss Life and its affiliated insurance carriers—Swiss Life Liechtenstein, Swiss Life Singapore, and Swiss Life Luxembourg—admitted to the scheme, which ran from 2005 to 2014, according to the Justice Department. The $77.4 million payment includes $16.3 million in restitution to the Internal Revenue Service (IRS); forfeiture of $35.8 million to the United States; and a penalty of approximately $25.2 million.
