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
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
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. …