Ada-Based Pre-Paid Legal Services in an Accounting Dispute over SEC Regulations
Page, David, THE JOURNAL RECORD
Pre-Paid Legal Services told stockholders in a letter on Tuesday that it is in the middle of an accounting dispute because the Ada- based company is not easily categorized.
In the letter, Chairman Harland Stonecipher says the Securities and Exchange Commission says Pre-Paid is not an insurance company but that at least 15 states regulate the company like an insurance company.
We, like insurance companies, pay commissions in advance, Stonecipher said.
Stonecipher said Pre-Paid sells memberships. But, unlike other membership companies, Pre-Paid gets customer acquisition costs back.
We are caught in the middle of this accounting dispute because we are …
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Publication information: Article title: Ada-Based Pre-Paid Legal Services in an Accounting Dispute over SEC Regulations. Contributors: Page, David - Author. Newspaper title: THE JOURNAL RECORD. Publication date: August 8, 2001. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.
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