§ 58-58-86. Insurable interest of charitable organizations.
§ 58‑58‑86. Insurable interest of charitable organizations.
(a) If an organizationdescribed in section 501(c)(3) of the Internal Revenue Code purchases orreceives by assignment, before, on, or after the effective date of thissection, life insurance on an insured who consents to the purchase orassignment, the organization is deemed to have an insurable interest in theinsured person's life.
(b) Expired effectiveOctober 1, 2007, pursuant to Session Laws 2004-124, s. 32F.2. (1991, c. 644, s. 2; 2004‑124,ss. 32F.1, 32F.2.)