The Ohio Department of Insurance has drafted rules implementing Ohio’s anti-STOLI law (Amended Substitute House Bill 404), which became effective in 2008. The rules affect the licensing of settlement companies and brokers and the continuing education requirements for settlement brokers. One rule will focus on implementing the new requirement that applications for life insurance 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 were recently circulated to the industry for comment.
For more information about Amended Substitute House Bill 404 and other STOLI developments, please visit: http://www.bricker.com/legalservices/industry/insurance/stoli/