Washington — Legislators in California have passed Senate Bill 1543, which aims to restrict abuses of stranger-originated life insurance (STOLI).

S.B. 1543 is based on a model law developed by the National Conference of Insurance Legislators (NCOIL), which is the association of state representatives and senators with insurance oversight responsibilities. S.B. 1543 establishes a statutory definition of STOLI and classifies it as a fraudulent act. It also allows the California Insurance Department to collect information from life settlement providers that will help it monitor the market and identify STOLI.

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