Thursday, April 17, 2003

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. [HB4 - Final Version] [FTC: Viatical Settlements] Non-Governmental websites on Viatical Settlements [http://www.viatical-expert.net/] [Salt Lake Tribune] 10:23:11 AM

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 / $$ 9:23:24 AM