The Ohio General Assembly has approved legislation designed to deter stranger-originated life insurance (STOLI) transactions in Ohio. Governor Strickland signed the bill on June 11, 2008 and it will take effect September 11, 2008. House Bill 404 strengthens Ohio's existing Viatical Settlements Law, and establishes new restrictions intended to prevent STOLI.

Ohio's Anti-STOLI Law Takes Effect
September 8, 2008
On September 11, 2008 Ohio's new law aimed at eliminating Stranger-Originated Life Insurance transactions takes effect

Full Text of Am. Sub. H.B. 404
May 29, 2008
Full text of the law as passed by the Ohio General Assembly

Bill Analysis From the Ohio Legislative Service Commission
May 2008
Analysis of the bill as reported by the Ohio Senate Insurance, Commerce & Labor Committee

Governor Strickland Signs HB 404: Law Amendments Contain Strong Consumer Protection Elements
June 11, 2008
Press release announcing the new law from the Ohio Department of Insurance

Ohio Governor Signs STOLI Bill, Placing State at Forefront of Efforts to Combat Abuse
June 11, 2008
Press release announcing the Ohio law from the American Council of Life Insurers