MLchartDataset catalogue

Prohibited transactions

Term · Insurance and risk management · MLC-T-INS-002716

Dealings between an employee benefit plan and a party in interest, or a related disqualified person under the tax code, that ERISA forbids because of the risk of self-dealing. They include selling, exchanging or leasing property, lending money or extending credit, furnishing goods, services or facilities, and a fiduciary's use of plan assets for its own benefit. The Internal Revenue Code imposes an initial excise tax of 15 percent of the amount involved for each year.

Table 1. Record
IdentifierMLC-T-INS-002716
FieldInsurance and risk management
SubjectEmployment Practices Liability
Record as JSON 
{
  "id": "MLC-T-INS-002716",
  "term": "Prohibited transactions",
  "field": "Insurance and risk management",
  "definition": "Dealings between an employee benefit plan and a party in interest, or a related disqualified person under the tax code, that ERISA forbids because of the risk of self-dealing. They include selling, exchanging or leasing property, lending money or extending credit, furnishing goods, services or facilities, and a fiduciary's use of plan assets for its own benefit. The Internal Revenue Code imposes an initial excise tax of 15 percent of the amount involved for each year.",
  "subject": "Employment Practices Liability",
  "url": "https://mlchart.com/terminology/insurance/prohibited-transactions/"
}

Record 2,740 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.