Common use of Accounts Not Required to Be Reviewed, Identified, or Reported Clause in Contracts

Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Financial Institution elects otherwise, either with respect to all New Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in both jurisdictions provide for such an election: 1. A New Individual Account that is a Depository Account is not required to be reviewed, identified, or reported as a Reportable Account unless the account balance exceeds $50,000 at the end of any calendar year or other appropriate reporting period. 2. A New Individual Account that is a Cash Value Insurance Contract is not required to be reviewed, identified, or reported as a Reportable Account unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.

Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Financial Institution elects otherwise, either with respect to all New Individual Accounts or, separately, with respect to any clearly identified group of such accounts, otherwise where the implementing rules in both jurisdictions provide for such an election: 1. A New Individual Account that is a Depository Account is not required to be reviewed, identified, or reported as a Reportable Account unless the account balance exceeds $50,000 at the end of any calendar year or other appropriate reporting period. 2. A New Individual Account that is a Cash Value Insurance Contract is not required to be reviewed, identified, or reported as a Reportable Account unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.