Colorado Statutes
§ 10-7-115 — Insurable interest - 170 (c) organizations
Notwithstanding any other provision of law, any organization that meets the requirements of section 170
(c)of the federal Internal Revenue Code of 1986, as amended, may own or
purchase life insurance on an insured who gives written consent to the ownership or
purchase of that insurance. The provisions of this section do not limit or abridge any
insurable interest or right to insure now existing at common law or by statute, shall
be construed liberally to sustain the existence of an insurable interest, and shall
stand as a declaration of existing law applicable to all life insurance policies
whenever issued, in existence on or after March 20, 1992.
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Legislative History
Source: L. 92: Entire section added, p. 1760, � 1, effective March 20.
Nearby Sections
15
§ 10-1-101
Legislative declaration§ 10-1-102
Definitions§ 10-1-105
Actuary§ 10-1-107
Personal fees prohibited§ 10-1-109
Rules of commissioner§ 10-1-111
Invoking aid of courts§ 10-1-113
No seal required on policies§ 10-1-114
Sale of premium notes prohibited§ 10-1-115
Penalty§ 10-1-116
Defamation of other companies - penalty§ 10-1-117
Company unauthorized in other states