Vt., Others Join Crackdown On STOLI Abuse

Law360, New York (June 12, 2009, 12:00 AM EDT) -- Seeking to protect senior citizens from financial fraudsters, Vermont, Nevada and Minnesota have become the latest states to pass legislation that dramatically reduces the financial benefit attached to stranger-oriented life insurance policies.

The three state legislatures, most recently Vermont, greenlighted the STOLI-related measures within a few weeks of each other, with their respective governors all signing the bills into law.

The Vermont and Nevada bills feature a five-year moratorium on the settlement of life insurance policies that have the markings of STOLI, while the Minnesota bill...
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