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Ch. 516 2006 LAWS OF MARYLAND
CHAPTER 516
(Senate Bill 300)
AN ACT concerning
Life Insurance - Insurable Interests - Trustees, Partnerships, Limited
Partnerships, and Limited Liability Companies
FOR the purpose of providing that the trustee of a trust has an insurable interest in
the life of an individual insured under a life insurance policy owned by the trust
or the trustee of a trust if, on the date on which the policy is issued, certain
conditions are met; providing that a partnership, limited partnership, or limited
liability company has an insurable interest in the life of an individual insured
under a life insurance policy owned by the partnership, limited partnership, or
limited liability company if, on the date on which the policy is issued, certain
conditions are met; providing that this Act shall apply to all trusts existing
before, on, or after a certain date, regardless of the effective date of a certain
governing instrument, but only as to certain life insurance policies; and
generally relating to insurable interests in the life of an individual insured
under a life insurance policy.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 12-201(b)
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
12-201.
(b) (1) With reference to personal insurance, an insurable interest includes
only the interests described in this subsection.
(2) (i) For individuals related closely by blood or law, a substantial
interest engendered by love and affection is an insurable interest.
(ii) For the prospective parent of a prospective adoptive child, an
insurable interest exists in the life of the child as of the date of the earlier of:
1. a placement for adoption, as defined in § 5-301 of the
Family Law Article, provided that:
A. any consents required under § 5-311 of the Family Law
Article have been given; or
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