Q&As

Under section 2(1) of the draft Insurable Interest Bill, is there a need for a life insured at the outset of the Policy to be valid? Does section 2(5) allow for categories of lives being insured, even if there are not lives in these categories? Does section 2(5) apply to all life policies or group life policies?

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Published by a UUÂãÁÄÖ±²¥ Insurance & Reinsurance expert
Published on: 06 November 2018
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For the purposes of this Q&A, it has been assumed that the question is are referring to the Insurable Interest Bill dated June 2018. In conducting our research we have focussed on the Insurable Interest Bill dated June 2018.

For this answer, we refer you to the following resources:

  1. •

    June 2018 Draft Insurable Interest Bill

  2. •

    June 2018 Accompanying notes to the draft Insurable Interest Bill

Under section 2(1) of the draft Insurable Interest Bill, does there need to be a life insured at the outset of the Policy to be valid?

Section 2(1) of the draft Insurable Interest Bill (the Bill) states:

‘A contract of life-related insurance is void unless at the time the insured enters into it the insured has an insurable

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