Delaware Law Allows Banks to Sell Insurance Nationwide

By Reports, From Wire | THE JOURNAL RECORD, May 31, 1990 | Go to article overview

Delaware Law Allows Banks to Sell Insurance Nationwide


Reports, From Wire, THE JOURNAL RECORD


Delaware Law Allows Banks to Sell Insurance Nationwide DOVER, Del. - Delaware's governor signed legislation Wednesday that makes Delaware the first state to allow banks to sell and underwrite insurance nationwide.

Within hours, a challenge was filed with the Federal Reserve Board to block the nation's largest banking company from taking advantage of the law.

Five national insurance agent associations and three local groups filed the petition against Citicorp in an attempt to block the New York bank from selling insurance nationwide through a subsidiary of its Delaware bank, according to William R. Anderson, associate general counsel of the National Association of Life Underwriters in Washington.

The petition alleges Citicorp is attempting to evade the federal Bank Holding Company Act, which prohibits bank holding companies and their subsidiaries from selling insurance, Anderson said.

The new law allows banks chartered in Delaware after 1934 to sell and underwrite insurance. Most banks chartered before 1934 already have such powers. Those that do not would have to receive permission from the state legislature.

Ford to Offer Consumer Incentives DETROIT - Ford Motor Co. plans to offer customer incentives instead of a discount to dealers this fall to help spur sales at the end of the 1990 model year, a company spokesman said Wednesday.

The minimum possible incentives, outlined in a letter to Ford dealers, are lower than those in the automaker's current incentive program but go higher if demanded by market conditions.

The incentives would be in lieu of ``carryover'' credits - effectively a discount to dealers - that Ford used to offer to help spur sales of prior-year vehicles when new model years began. It's the second straight year that Ford has eliminated the 5 percent carryover credit.

The carryover allowance applied to cars on a dealer's lot when the new model year began. Dealers used the allowances for customer incentives, to pay for salesperson contests, to buy advertising or simply pad their own profits.

Ford spokesman Bill Carroll said Wednesday that the letter to dealrs outlined some year-end plans, including the list of minimum possible incentives on 1990 cars and trucks and a plea for more car and truck orders.

Ford's current incentive program is due to expire July 9. The year-end incentives will be offered between Sept. 28 and the end of the calendar year. Automotive model years typically begin Oct. 1.

Inventor Says He Has Developed 3-D TV LONDON - An inventor said Wednesday he has developed three-dimensional television, beating the world's electronics giants.

``We think that just as black and white was converted into color, so will color be converted into 3-D,'' said the 33-year-old British inventor, James Ashbey.

The technology does not require special glasses or screens. It can convert all new and existing black and white and color films into 3-D, along with live broadcasts, animation and computer graphics, said his company, Delta Group.

Ashbey displayed his invention at a London studio, showing color films in what he calls ``full natural perspective.''

The effect appears three dimensional, but it loses some resolution compared with a standard TV image, and is very blurry. Ashbey did not display the 3-D and normal television versions of the same film side-by-side for comparison. …

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Delaware Law Allows Banks to Sell Insurance Nationwide
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