Conn. Gen. Stat. § 45a-499l

Current with legislation from 2024 effective through June 5, 2024.

Section 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.

Conn. Gen. Stat. § 45a-499l

Added by P.A. 19-0137,S. 12 of the Connecticut Acts of the 2019 Regular Session, eff. 1/1/2020.