Section 2.45. Charitable organizations; insurable interest.

 

(1)   Purpose. The purpose of this section is to interpret s. 631.07 , Stats., with respect to the insurable interest of charitable organizations. This section does not limit or abridge any insurable interest existing at common law or by statute.

(2)   Scope. This section applies to life insurance policies issued in this state, including, but not limited to, policies in force on March 1, 1994.

(3)   Definitions. In this section:

(a) "Charitable organization" means an organization described in 26 USC 170 (c) or 26 USC 501 (c) (3).

(b) "Life insurance" includes endowment policies and annuities.

(4)   Insurable interest. A charitable organization may be the applicant, owner or beneficiary of a life insurance policy issued on the life of any individual. A charitable organization is deemed to have an insurable interest in the individual. For insurance applied for on or after March 1, 1994, the charitable organization has an insurable interest only if it obtains the consent of the individual in writing or by other means authorized by common law or by statute.

Cr. Register, February, 1994, No. 458 , eff. 3-1-94.