Florida Insurance Commissioner, Kevin M. McCarty, conducted a public informational hearing on the issue of stranger-originated life insurance or “STOLI”, at the on August 28, 2008. The Office of Insurance Regulation (“Office”) submits this report to the citizens of Florida based on the testimony and voluminous documentation presented before, during, and after the public hearing; a review of documents and reports in the public domain; and relevant court filings made within the State of Florida concerning alleged STOLI transactions.
Section 627.3519, Florida Statutes, enacted in 2006, requires the Financial Services Commission to provide a report to the Legislature regarding the aggregate net probable maximum losses, financing options and potential assessments of both the Florida Hurricane Catastrophe Fund (FHCF) and Citizens Property Insurance Corporation (Citizens).
