Is that even legal? No. As I wrote in my article Swiss Life Companies Enter Into Deferred Prosecution Arrangement For Abusive Private Placement Life Insurance Policies (May 28, 2021), the U.S. Attorney's Office for the Southern District of New York entered into a deferred prosecution agreement with Switzerland's largest insurance company which were facilitating abusive PPLI deals. As part of that agreement, Swiss Life was to pay $77.3 million to the U.S. Treasury as restitution, forfeiture of all gross proceeds, and penalties. This came about after Swiss Life was alleged to have concealed more than $1.452 billion in assets and income from the IRS through the use of their PPLI policies.