2004 Minnesota Statutes

     61A.074 Insurable interests. 

    Subdivision 1.    Corporation or trustee.  A corporation 
 or the trustee of a trust providing life, annuity, health, 
 disability, retirement, or similar benefits to employees of one 
 or more corporations, and acting in a fiduciary capacity with 
 respect to the employees, retired employees, or their dependents 
 or beneficiaries, has an insurable interest in the lives of 
 employees for whom the benefits are to be provided.  The written 
 consent of the insured is required if the insurance purchased 
 under this subdivision is payable to the corporation or to the 
 trustee. 

    Subd. 2.    Other insurable interests.  Subdivision 1 
 does not limit the right of a corporation or trustee to insure 
 the life of an individual that is otherwise insurable under 
 common law or any statute.  This section shall not be 
 interpreted as in any way modifying the common law doctrine of 
 insurable interest, except as expressly provided in subdivision 
 1. 

    HIST: 1992 c 483 s 2; 1994 c 485 s 19