If an organization described in either § 170(c) or § 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. §§ 170(c) and 501(c)(3)), respectively, purchases or receives by assignment, before or after April 23, 1992, life insurance on an insured who consents in writing to the purchase or assignment, the organization is deemed to have or to have had an insurable interest in the insured person's life on the date of purchase or assignment. This section does not limit or abridge any insurable interest on April 23, 1992, at common law or by statute.
Tenn. Code Ann. § 56-7-314
Purchase or assignment of life insurance by charitable organization — Date of insurable interest
Known as the Tennessee Insurance Law
The act spans §§ 56–56 (1,220 sections).
Acts 1992, ch. 755, § 1; 2004, ch. 658, § 1; 2006, ch. 593, § 1.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.