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Thursday, April 17, 2003 |
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Utah's New Life Insurance Law Lauded by Insurance Group The Life Insurance Consumers Alliance (a group largely representing financial advisors and insurance agents) has lauded recent legislation enacted in Utah that offers terminally ill seniors to sell their insurance policies to Viatical Settlement companies who take over the policies and typically collect the benefits. Also, these Viaticals are often offered as investment opportunities. Traditionally disposal of a life insurance policy meant accepting cash value or simply letting the policy lapse. Viatical settlements offer The Viatical Settlements act creates licensing requirements for advisors dealing in viatical settlements. 
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Utah and Delaware Havens for Tax-Avoiding Limited Partnerships Texas is attempting to close loopholes which allow companies to avoid the state's franchise tax by incorporating as limited partnerships in states with more favorable tax laws (including Delaware and Utah). Legislatures estimate that closing the franchise tax loopholes would generate more than $400 million per year. The legislation is opposed by such large corporations as SBC and Dell Computer. [San Antonio Express]comments or questions [] 9:59:36 AM
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Two Utahns win Take Pride in America Awards from Interior Department Take Pride in America, a national partnership initiative aimed at increasing volunteer service on America's public lands have honored Ray and Juanita Huber of Santa Clara.comments or questions [] 9:29:27 AM
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Utah Law Permits Walmart Bank Ownership Community banks across the country join small Main Street merchants in seeing doom and gloom in the arrival of a Wal Mart in the area. Wal Mart has been attempting to purchase financial institutions, particularly industrial loan companies, with an eye to offering financial and checking services. So far they have been rebuffed, because only four states do not have laws against such purchases: Colorado, Minnesota, Nevada, and Utah. Utah is the home of 23 of the nation's 50 industrial loan companies. [American Banker] Reg / $$comments or questions [] 9:23:24 AM
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Last update: 5/1/2003; 9:45:29 AM .
