Action Alert

House Bill 1284

Post Date:  February 16, 2009

Description of Bill

This is the bill relating to STOLI (Stranger Originated Life Insurance)

Recommendation: 

Support as amended

Current Status:

 Pass

Talking Points

Point # 1:  It provides for a 5 year moratorium on the transfer of ownership

Point # 2:  Provides for a 60 day recission period for the seller of a STOLI to think it over to make sure it is the right decision

Point # 3:  It includes a $150,000 bonding requirement of brokers and agents who license to engage in these transactions.