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"Ninth Circuit to Review California Federal Court Decision Approving of Non-recourse Premium Financing of Life Insurance" |
October 15, 2009
Previously published on September 21, 2009
Lincoln National Life Insurance Company ("Lincoln") has appealed a recent California federal court decision validating a form of non-recourse premium financing of life insurance. In Lincoln National Life Insurance Co. v. Gordon R.A. Fishman Irrevocable Life Life Trust ("Lincoln Life"), the U.S. District Court for the Central District of California distinguished non-recourse premium financing of life insurance from so-called stranger-owned life insurance (or "STOLI"). The decision struck a blow to life insurers' recent efforts to rescind perceived STOLI policies financed with non-recourse loans. But although Lincoln Life is a victory for investors engaged in non-recourse premium financing of life insurance, the decision's ultimate impact hinges on the outcome of Lincoln's pending appeal.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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