STOLI and Life Settlement Transactions Soon to be Regulated in California

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Life settlements, also known in the industry as “stranger-owned life insurance” (“STOLI”) transactions have existed for several years but most states have not regulated them, at least until recently. Legislative activity in the various states has substantially increased over the years as states have passed laws designed to stop, or at least regulate, STOLI transactions. In October 2009, the California legislature enacted, and the governor signed, Senate Bill 1543 that regulates life settlement and STOLI transactions. The new law is known as the Life Settlements Act and it becomes effective on July 1, 2010.

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