Ohio amends viatical rules
Amendments to Ohio’s Viatical Settlement Act will limit stranger-originated life insurance transactions and give the state’s insurance department additional oversight authority. New legislation requires brokers and providers to give more information to insurers and to report STOLI transactions to the state’s insurance department.
State Insurance Director Mary Jo Hudson said state legislators “recognize a shared responsibility of the life-settlement industry, life insurance companies and the department to protect consumers against STOLI transactions.”
Previous post regarding Ohio Life Settlements here at Life Settlement News:
Ohio Life Settlement Bill
Source: News-Messenger (Fremont, Ohio), The (07/01)
