The Law Commissions of England and Wales and of Scotland have published the fourth issues paper in their review of insurance contract law. The issues paper sets out the Commissions' preliminary thinking on insurable interest.
For life insurance the Commissions have tentatively proposed extending the categories of people able to insure others' lives. The paper points out the confused state of the law in relation to indemnity insurance, and discusses whether the concept of insurable interest is needed at all.
The paper is not a formal consultation. However, the Commissions are happy to receive any thoughts of their thinking by 11 April 2008.
For further information: Law Commission Issues Paper on Insurable Interest