Insurable Interest Act

This act governs insurable interest in life insurance, requiring that a party procuring or holding coverage have an insurable interest in the life of the insured. It addresses stranger-originated life insurance by prohibiting specified practices, restricting entry into settlement contracts, and setting out the circumstances that give rise to a presumption that an arrangement is a stranger-originated scheme. It further regulates how requests to change policy ownership or beneficiary are processed, defines conduct amounting to a fraudulent act, and provides remedies for violations.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.