Senate Committee Approvals Legislation To Fight "STOLI"
(STATEHOUSE) - An Indiana Senate committee has advanced legislation that would crack down on a dangerous form of life insurance called “STOLI”—“Stranger Originated Life Insurance”.
It's a practice which allows third party investors to buy out life insurance policies and benefit from a stranger's death. Companies that use these tactics often prey on senior citizens.
Former Oklahoma Governor Frank Keating, who is now president and CEO of the American Council of Life Insurers, testified before the insurance and financial institutions committee, which reported the bill out by a 6-4 vote. The Indiana House has already approved the measure.
Indiana would become the second state to approve a ban. North Dakota passed it and Indiana is among 15 other states considering the measure.
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