The Ohio Department of Insurance drafted rules implementing Ohio’s anti-STOLI legislation, enacted in 2008. The rules affect the licensing of settlement companies and brokers and the continuing education requirements for settlement brokers. One rule will implement the new requirement that applications for life insurance to be sold in Ohio must include questions intended to detect and prevent STOLI. Compliance by insurers will be required 12 months after the rule takes effect.
The draft rules have been circulated informally to interested parties. The Department will review comments before formally submitting the rules to the Joint Committee on Agency Rule Review.