Insurable Interest Act
Minnesota · General Insurance Powers · §§ 60A.078 to 60A.0789 · 9 sections
Overview
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.
In the courts
Sections of this act have been cited in 1 court decision.
Most-cited authority: 238 N.J. 157 - Sun Life Assurance Company of Canada v. Wells Fargo Bank NA (080669) (Statewide)
Sections covered
- Minn. Stat. § 60A.078SHORT TITLE.
- Minn. Stat. § 60A.0782DEFINITIONS.
- Minn. Stat. § 60A.0783INSURABLE INTEREST REQUIRED.
- Minn. Stat. § 60A.0784PROHIBITED PRACTICES.1 cite
- Minn. Stat. § 60A.0785PROHIBITION; ENTRY INTO SETTLEMENT CONTRACTS.
- Minn. Stat. § 60A.0786PRESUMPTION OF STOLI PRACTICES.
- Minn. Stat. § 60A.0787PROCESSING CHANGE OF OWNERSHIP OR BENEFICIARY REQUESTS.
- Minn. Stat. § 60A.0788FRAUDULENT ACTS.
- Minn. Stat. § 60A.0789REMEDIES.
Enacted in other states
All Minnesota named statutes →
Download
Copy
Embed on your site
Hover to preview · click to copy the code