In preparation for any effort made by hedge funds and some investor groups looking to reignite the spread of Stranger-originated Life Insurance (STOLI) fraud in Florida, the American Council of Life Insurers (ACLI) engaged Bascom Communications & Consulting, LLC (BCC) to build a public affairs campaign to proactively inoculate any legislative attempt put forth by STOLI promoters during the 2013 Legislative Session that would negatively impact Florida seniors and their families.
Under the coalition of ‘STANDUP for Seniors,’ BCC, in coordination with a strategic grasstops/grassroots partner, built a strong and diverse coalition from the ground up, resulting in bringing together a group of nearly 100 Floridians, including several individuals, noted senior advocates, such as the 60 Plus Association and other concerned parties, such as the American Legion, the ACLI, the Florida Insurance Council, and the National Association of Insurance and Financial Advisors.
To increase awareness of STOLI schemes and alert all lawmakers to keep a watchful eye for any negative legislative proposals or amendments that would attempt to remove well-established consumer protections in state law, BCC executed a press event at The Capitol with the House Banking and Insurance Committee Chairman Bryan Nelson (R-Apopka) and members of the ‘STANDUP for Seniors’ coalition headlining the event. BCC also worked with the coalition on a targeted earned media campaign and issued timely legislative alerts and deliveries to key stakeholders to continue to elevate the threat from hedge funds and other investor groups and impress upon them the necessity to protect Florida seniors and their families from being the targets of these dangerous STOLI schemes.
By keeping the issue in the sunshine via BCC’s strategic communications formula, paired with the government relations effort, the ‘STANDUP for Seniors’ initiative was a success, as the opposition was kept at arm’s length, insurable interest statute remained status quo, and Florida seniors and their families were protected from predatory investment schemes having the chance to see the light of day during the 2013 Legislative Session.