On May 21, 2008, we reported on Florida Senate Bill 648, then awaiting signature by Florida Governor Charlie Crist, that addressed insurable interest requirements with respect to life insurance policies. (Click here to read our May 21 post.) On May 28, 2008, the legislation was signed by Governor Crist and enacted as Chapter 2008-36, becoming effective on July 1, 2008. Among other things, the new law requires an insurable interest in an insured at the time of contacting, and provides for recovery of benefits by the insured that were paid to a person lacking insurable interest at the time of contracting.
Click here to read Chapter 2008-36.
Click here to read our other posts about life settlements and related issues.