2005 Minnesota Statutes - 61A.073 — Life insurance for the benefit of charity.

     61A.073 Life insurance for the benefit of charity. 


    Subdivision 1.    Charitable beneficiary or owner 
 permitted.  Subject to the terms of the policy, an 
 organization described in section 170(c) of the Internal Revenue 
 Code of 1986, as amended through December 31, 1991, shall have 
 an insurable interest in the life of an individual insured under 
 a life insurance policy, if the organization: 


    (1) has become the beneficiary or owner of a previously 
 issued policy insuring the life of the individual; or 


    (2) is the original beneficiary or original owner of a 
 newly issued policy insuring the life of the individual, if the 
 individual signs the application or consents in writing to the 
 issuance of the policy. 


    Subd. 2.    Applicability.  This section applies to life 
 insurance policies issued by life companies and fraternal 
 benefit societies. 


    HIST: 1992 c 483 s 1