NAIC Committee Targets STOA Fraud
A working group is tasked with finalizing a model bulletin to help regulators tackle stranger-originated annuity transactions.
October 22, 2010
The National Association of Insurance Commissioners' (NAIC) Life Insurance and Annuities Committee at its fall meeting formed a new working group to evaluate next steps on a model bulletin designed to help regulators deal with the practice of stranger-originated annuity transactions (STOA). The action follows a public hearing held by the NAIC in May to begin to gather information on what the organization describes as a relatively new phenomenon, identified in similar fashion to stranger-originated life insurance transactions, or STOLI.
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