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New Mexico Life Insurance

New Mexico Board Life Insurance Overview

Life insurance is the cornerstone of financial security for millions of American families and businesses. It enables individuals and families from all economic brackets to maintain independence in the face of financial catastrophe. By providing tools for protection and savings, life insurance promotes personal responsibility and thus relieves pressure on government programs. Two-thirds of American families have life insurance protection.

Life insurance must be purchased in good faith and the owner must have a true insurable interest in the insured at the time the policy is issued. There have been attempts in recent years to sidestep state insurable interest laws. Stranger-originated life insurance (STOLI) is when a third party, usually an investor group, entices a senior citizen to take out a life insurance policy. The investor takes over the policy and hopes to profit from the death benefits when the senior dies. Seniors caught up in these schemes face potential legal and tax liabilities.

ACLI Position

ACLI has actively worked across the nation to enact legislation or regulations that deter abusive STOLI transactions. To date, 29 states have enacted such measures. ACLI also supports a prohibition on the securitization of life settlements because the practice exposes seniors and investors to increased risk of fraud. Moreover, ACLI is concerned securitization will increase illegal STOLI transactions.

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