AALU Pushes OFC, Bashes STOLI

Association for Advanced Life Underwriting officials last week made clear they support legislation creating an optional federal charter for insurance.

They also said they “applaud” the decision of the board of the National Association of Insurance and Financial Advisors to recommend to its members support for an OFC.

At the same time, the officials reiterated their opposition to stranger-originated life insurance.

In comments at the annual AALU meeting here as he closed out his term as president, Larry Raymond, said AALU “is not against legitimate life settlements, but if we don’t stop STOLI, we will lose the essence of what we got into this business to do.”

But Ken Kies, who is counsel and an outside lobbyist for AALU as managing director of the Federal Policy Group, which is part of Clark & Wamberg, LLC, said AALU will not deal with STOLI at the national level, “not if we have anything to say about it.”