Compass
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Bates & Company, Inc.
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Regional Vice President of Sales The Retirement Plan Company
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Loan & Distribution Specialist AimPoint Pension
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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 [Opinion] Feb. 2, 2004 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[.] [Mayo v. Hartford Life Ins. Co., No. 02-21059 (5th Cir. Jan. 5, 2004)] |
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