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ROBERT L. EHRLICH, JR., Governor Ch. 516
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B. a decree awarding guardianship has been granted under §
5-317 of the Family Law Article; or
2. an interlocutory or final decree of adoption.
(3) For persons other than individuals closely related by blood or law, a
lawful and substantial economic interest in the continuation of the life, health, or
bodily safety of the individual is an insurable interest but an interest that arises only
by, or would be enhanced in value by, the death, disablement, or injury of the
individual is not an insurable interest.
(4) (i) This paragraph applies only to employees with respect to whom
the corporate employer or an employer sponsored trust for the benefits of employees
is the beneficiary under an insurance contract, if the employer is:
1. a private corporation; or
2. a public corporation, the stock of which is traded on a
recognized stock exchange or traded in accordance with the National Association of
Securities Dealers Automated Quotation (NASDAQ) Systems.
(ii) A lawful and substantial economic interest exists in:
1. a key employee of a private corporation or a public
corporation described in subparagraph (i) of this paragraph; and
2. a nonkey employee of a public corporation described in
subparagraph (i) of this paragraph if:
A. the employee has been employed by the public corporation
for at least 12 consecutive months and consents in writing to the insurance contract;
and
B. the amount of insurance coverage on the nonkey employee
does not exceed an amount commensurate with employer-provided benefits.
(5) (i) This paragraph applies only to a contract or option for the
purchase or sale of:
1. an interest in a business partnership or firm; or
2. stock shares, or an interest in stock shares, of a close
corporation.
(ii) An individual party to a contract or option described in
subparagraph (i) of this paragraph has an insurable interest in the life of each
individual party to the contract or option.
(iii) The insurable interest specified in subparagraph (ii) of this
paragraph:
1. is only for the purposes of the contract or option; and
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