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Insurance deterrents.(Buzz)(Brief Article)
Sure, personal loans from public companies to their top execs are a huge no-no these days, but life insurance? Providing death benefit insurance, after all, has long been common practice. But that was before the Sarbanes-Oxley Corporate Responsibility Act, which bans "extensions of credit in the form of a personal loan" to employees. Legal experts say the law makes it risky for companies to provide "split-dollar" life insurance, arrangements where a company pays the premiums on a life-insurance policy. Why? Under split-dollar arrangements, the executive uses a portion of the cash built up tax-free in the policy to reimburse the company when he or she retires--a transaction that works, in effect, like an interest-free loan.
While the law doesn't expressly forbid split-dollar deals, companies ...
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