2/2/2004: Text of Fifth Circuit Case Finding Wal-Mart Had No 'Insurable Interest' in COLI Policies (PDF) (U.S. Court of Appeals for the Fifth Circuit, via FindLaw.com)23 pages. Excerpt: "We hold that: 1) Texas law, which requires an 'insurable interest' for valid life insurance policies, governs the dispute; 2) an employer has no insurable interest in an ordinary employee under Texas law; ... Wal-Mart acted in pursuit of tax benefits related to the deductibility of premium payments ... After Congress and the IRS eliminated the tax advantages of Wal-Mart's COLI program, Wal-Mart unwound the otherwise unprofitable program ..."
Google: Other sites linking to this item
Important word about authorship:
BenefitsLink ® (BenefitsLink.com) provides this page for you,
with a hypertext link to an item we think is interesting and valuable
for companies sponsoring employee benefit plans, employees who participate in plans,
and firms who provide products and services to plans. But BenefitsLink
is not the author of the item to which this hypertext link
will take you (unless expressly indicated there).
|
|
