On September 11, 2008 Ohio's new law - House Bill 404 -- aimed at eliminating Stranger-Originated Life Insurance (STOLI) transactions took effect.
A hybrid of the NAIC and NCOIL Models, the Ohio law includes both a prohibition on marketing and issuing STOLI and a five-year "waiting period" before settlement of policies with STOLI characteristics.
The Ohio Department of Insurance now has additional oversight authority over life settlement brokers and providers and will require life settlement providers to submit certain data to the Department on an annual...