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Category: Insurance Law

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If it walks like a STOLI … it could be a scam

Tue Jul 22nd, 2014 on     Insurance Law,    

We are finishing up our discussion of stranger-originated life insurance policies. If history has taught us anything, it is that the idea is fraught with risk — and not the kind of risk insurance companies like to take on. When we left off, we were going through some of the ways STOLIs can actually harm the seniors involved.

If it walks like a STOLI and talks like a STOLI … p2

Sat Jul 19th, 2014 on     Insurance Law,    

The concept of insurable interest does not come up often in day-to-day discourse. Even for the Florida Office of Insurance Regulation, it must be rare to sit in meetings devoted to questions of insurable interest. A few years ago, however, that was not the case. The subject came up when the OIR launched an investigation into stranger-oriented life insurance schemes, or STOLIs.

If it walks like a STOLI and talks like a STOLI …

Mon Jul 14th, 2014 on     Insurance Law,    

The Florida Office of Insurance Regulation looked at third-party, or “stranger-originated life insurance” in some detail before faced with the Pasco County offer. The OIR researched the issue in-depth in 2010 — even holding a public hearing in August that year. Stranger-originated life insurance policies, shorthanded in the industry as STOLIs, had come onto regulators’ radar all over the country a few years earlier, when insurance companies had noticed a decided increase in the number of STOLIs being sold.

Florida OIR, proposal to Pasco County and insurable interest

Sat Jul 5th, 2014 on     Insurance Law,    

We are still talking about a recent Florida Office of Insurance decision. The OIR was looking over a proposal from an investor group, represented by Pollock Financial Group LLC, to purchase life insurance policies for all employees of the Pasco County School District. Pollock had pitched the program — the Benefit Stabilization Funding Program — to school districts around the state. Pasco was either the first or the only district to consider the program and to send it to the OIR for review.

State insurance regulator tells Pasco to just say ‘no’ p2

Thu Jul 3rd, 2014 on     Insurance Law,    

We are still talking about an unusual business proposition that the Florida Office of Insurance Regulation recently nixed. Pollock Financial Group LLC had approached Pasco County with an offer to purchase life insurance policies for employees of the county school district. Pollock was looking for a “nontraditional” opportunity for a group of investors. The county and the state were looking for legal pitfalls presented by the nontraditional opportunity, and they found some big ones.

State insurance regulator tells Pasco to just say ‘no’

Fri Jun 27th, 2014 on     Insurance Law,    

The subject of insurable interest does not come up often. It looks as if the last time we touched on it here was almost four years ago. Those posts (here) covered some basic insurance concepts, but they were not about a Florida case. Now, thanks to an offer from a group of investors, Pasco County has its own insurable interest story to tell.

President signs NFIP bill, but is that the end of the debate? p2

Mon Mar 31st, 2014 on     Insurance Law,    

Over our last few posts, we have reviewed some of the higher-profile provisions of the Mendendez-Grimm Homeowner Flood Insurance Affordability Act of 2013 that President Barack Obama signed into law on March 21, 2014. In a flurry of activity after the flood insurance premium hikes calculated under the Biggert-Waters Flood Insurance Reform Act of 2012 stunned policyholders in the last quarter of 2013, Congress was able to cobble together a law that reversed many of the provisions of Biggert-Waters.

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