Groups, life insurers take aim at proposed STOLI legislation

02/21/2013 | National Underwriter Life & Health

NAIFA and other industry groups are opposing legislation in some states that would allow hedge funds that invest in stranger-originated life insurance to obtain premiums of resold policies that were taken out fraudulently. Lawmakers in states including South Dakota and Florida have considered or may introduce bills containing such provisions. "NAIFA has a long-standing policy in opposition to STOLI as a practice that violates the essential social purpose of life insurance -- to provide financial protection to families or businesses," NAIFA's Gary Sanders said.

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