§ 45a-499l — Insurable interest of trustee.

A trustee has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee or that designates the trust itself as the owner if, on the date the policy is issued: (1) The insured is: (A) A settlor of the trust; or (B) an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and (2) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have: (A) An insurable interest in the life of the insured; or (B) a substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included under subdivision (1) of this section, who are: (i) Related within the third degree or closer, as measured by the law of this state for determining degrees of relation, either by blood or law, to the insured; or (ii) stepchildren of the insured.

Legislative History

(P.A. 19-137, S. 12.) History: P.A. 19-137 effective January 1, 2020.