The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by LG Sullivan.
DIGEST
SB 216 Original 2020 Regular Session Cathey
Present law restricts who may insure the life or health of an individual to the insured him-or herself,
the insured's spouse, and anyone with an insurable interest in the insured's life or body. Provides that
"insurable interest" for purposes of present law means either:
(1)A substantial interest engendered by love of and affection for an individual who is a close
relative.
(2)A lawful and substantial economic interest in the continued life, health, or safety of the
individual.
Proposed law retains present law and clarifies that the restrictions apply to contracts for annuities
as well as other types of insurance.
Effective August 1, 2020.
(Amends R.S. 22:856 and 901(A) and (B))