Insurer Drops Firm From STOLI Suit

In the suit, AXA Equitable has accused several defendants of participating in an effort to procure life insurance policies for STOLI arrangements.

“AXA understands that LBP had no involvement in the policies AXA has challenged in the suit,” Ravi Malick, president of Life Brokerage Partners, says in a statement. “LBP faithfully adheres to all of its legal and ethical duties and responsibilities to its insurance clients and the companies with whom LBP works.”

The removal of Life Brokerage Partners as a defendant should be taken as a sign that the firm does not condone or engage in STOLI transactions, Malick says.