The Internal Revenue Service issued a notice aimed at calming fears that it would act against insurance-dedicated money market funds that take advantage of a new temporary guarantee program.

Notice 2008-92 provides that the Treasury Department and the IRS will not assert that participation in the temporary guarantee program for money market funds by an insurance-dedicated money market fund causes a violation of the diversification requirements of Section 817(h) of the Tax Code in the case of any segregated asset account that invests in the fund.

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