ALBANY – New York insurance laws allow the reassignment of life insurance benefits to people who are not related to the policyholders, the state’s highest court ruled yesterday.
The interpretation of state laws on “stranger-owned life insurance” or “SOLIs,” came in response to a certified question from the U.S. Court of Appeals for the Second Circuit and upheld the validity in New York of a secondary investment market on SOLIs that the federal General Accounting Office placed nationally at between $9 billion and $12 billion in 2008.
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