Dissecting Del.'s Stance On STOLI

Law360, New York (September 30, 2011, 2:52 PM EDT) -- The Delaware Supreme Court ruled on Sept. 20, 2011, that an insurer can challenge the validity of a life insurance policy after the contestability period based on lack of an insurable interest, and in order to be valid, a policy cannot be a cover for a wager.

With increased litigation involving stranger-originated life insurance (STOLI) policies and uncertainty in determining the validity of such policies, the Delaware Supreme Court in PHL Variable Insurance Company v. Price Dawe 2006 Insurance Trust, No. 174, 2011, gave life insurers...
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