The National Association of Insurance and Financial Advisors-Florida says it plans to testify against stranger owned life insurance before state regulators.[@]
NAIFA-Florida alleges that STOLI plans, threaten the availability of life insurance products.
The group plans to state its case before the state’s Office of Insurance Regulation, which will hold a hearing on STOLI August 28 in the Capitol in Tallahassee.
NAIFA-Florida says it is concerned that the increase of STOLI deals could trigger federal legislation that could reduce or remove favorable tax treatment for life insurance.
“Florida’s current and future retirement population is so integral to our economy, and life insurance often is their most valuable economic asset,” stated Tim Meenan, head of governmental affairs for the organization.