Pruco Life Insurance Company v. Wells Fargo Bank, N.A.

These consolidated appeals require us to determine the validity of two individuals’ Stranger-Originated Life Insurance (“STOLI”) policies that the issuing insurance company sought to have invalidated several years after their issuance. Arguing that the policies were invalid, the insurance company relied on a Florida statute that requires a person who procures life insurance to have an insurable interest in the life of the insured at the inception of the policy. 1 The insurance company contends that no such interest is present when a STOLI policy is purchased and accordingly such policies…