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lan Kirkby Chronicle Staff The board of directors of Lutheran Life, and Waterloo Mayor Marjorie Carroll each turned a spade of earth Thursday in the the middle of a field behind the Waterloo Inn to kick off construction of the company‘s new $6 million head office. "The company has accomplished quite a bit in 15 years," said chairman Morris Anderson. In 1972, the assets of two American "fraternities"‘ leaving Canada were purchased for one dollar, recalled President Harold Dietrich for the Chroniâ€" cle. At the time, the company had $26 million in assets and $160 million of insurance in force, he KITCHENERWATERLOO‘S FIRST HEALTH AND BEAUTY SYMPOSIUM FOR WOMEN! HEAR THE NE WEST DIREC TIOMNS FROM THE EXPERTS... YOUR BEST Dr. Peter Wyshysinski, M.D. SRCS4C) Head of KW Plastic Surgery Clinic Rebecca Bell, Fitness expert, instructor and radio broadcaster Kay Spicer, BSC.,.H.EC., M.A. Jo Food writer and author of Light and Easy Choices Award winning educator, lecturer, editor, and consultant, gives us a fresh look at stress and time management: Making Time With MoTime. Moderator: DEENA DOLAMN, President of The Onley Group Inc. Keynote Luncheon Speaker: PHYLLIS MEIKLEJOHN, BSC..M.SC. SATURDAY, APRIL 23, 900 a.m. â€" 4:30 pm., For more information or reservations call (519) 7410031 S At Any Age CeeSEs 6# Btaphaniec Ligon, skin care, director of education CLINIQUE Teranto fashion merchandiser Janet Maffel Designs New York City designer clothing Luncheon & refresnments included "All we had was a corporate shell. We got together Canadian directors and hired personnel for head office." The company located in the Marsland Centre. "Â¥ou could have shot a cannon through the place," laughed Dietrich. "Now you couldn‘t fit a cannon in the place"‘. Today Lutheran Life, which allows only Lutheâ€" rans as policy holders, has $136 million in assets, and $504 million of insurance in force. Currently the company services nearly 30,000 church members from British Columbia to Ontario, but is hoping to soon become a Canadaâ€"wide company, said Dietrich. lan Kirkby Chronicle Staff Local insurance company executives are unhappy with a proposed revised investment income tax on the life insurance industry, which, when implemented will be retroactive to Jan. 1 1988. w "It is an unfair tax," said Harold Dietrich, president of Lutheran Life, a Waterlooâ€"based company with $504 million of insurance "in force". _ _ Dietrich, whose policyâ€"holders are members of the Luther: an church, said the tax will have to be added onto the price of policies. "It‘s an indirect tax on the policyholder". "(Federal Finance Minister Michael Wilson) needs money and he is just getting it anywhere he can get it. So he‘s going to get an extra $100 million from insurance companies every year out of the pockets of policy holders". Jack Masterman, president of Mutual Life of Canada, a local employer of around 1,900 people, said the details of the revised tax have not yet been received by insurance firms. Ultimately, said Masterman, the policy holder will pay the tax, not the company. In a mutual company, which has not shareholders, the passing on of the tax will be direct. "There‘s no one else to pay it," Masterman added. However, the revised law, announced after intense lobbyâ€" ing by the Canadian Life and Health Insurance Association "has more logic to it‘ than the original tax announced by Wilson in December, said Masterman. W'i'i'xve“tja;_ mâ€"akesf)oor social policy"'. said Masterman. "People bought policies to protect their beneficiaries. They‘re making it more difficult to protect your family." In a press release issued for the Feb. 17 annual meeting of Equitable Life, Mcintosh claims the proposed 15 per cent investment tax treats life insurance as an investment, similar to stocks, bonds and guaranteed certificates. "We believe this new tax is unfair and does not recognize the importance of life insurance as a primary instrument used by Canadians to achieve financial security," the release quotes Mcintosh as saying. "The presence of life insurance has been and should continue to be a workable alternative to government spending on social programs."‘ system "If we had to have a tax, we probably got the best arrangement that could be made," said lan Mcintosh, president of Equitable Life Insurance Company, a Waterlooâ€" based employer of 200. â€"It is estimated the new tax will cost the industry $115 million yearly when fully implemented, down sharply from the $175 million predicted when the tax was announced as Insurance executives unhappy with proposed tax of Wilson‘s overhaul of the personal and corporate tax