Battle Not Over In NJ After 'Stranger' Life Policy Ruling

By Jeff Sistrunk (June 7, 2019, 7:02 PM EDT) -- New Jersey's highest court made a broad move by effectively banning so-called "stranger-originated" life insurance policies this past week, but attorneys say the state justices left multiple gray areas for both investors and insurers to fight over in the courts for years to come.

Ruling June 4 in a dispute between Sun Life Assurance Co. of Canada and Wells Fargo Bank NA, the New Jersey justices found that stranger-originated life insurance, or STOLI, policies that are procured with the intent to benefit outside investors that lack "an insurable interest" in the life of the insured violate state law and are therefore...

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