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House passes bill to curb stranger-originated life insurance schemes
Summary
The Utah House on Feb. 24 passed HB170 to tighten rules on so-called stranger-originated life insurance, adding enforcement tools and definitions intended to protect seniors from investors who profit by acquiring policies on strangers' lives.
The Utah House of Representatives on Feb. 24 approved House Bill 170, legislation aimed at preventing investor-driven "stranger-originated life insurance" schemes that target elderly policyholders.
Representative James Dunnigan, sponsor of HB170, told members the bill is designed to "preserve the integrity of life insurance by prohibiting schemes that induce individuals, typically our senior citizens, to take out life insurance policies that they would not otherwise purchase so that…
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