SB354 amends Delaware insurance law to clarify liability for securities intermediaries and banks receiving benefits from insurance contracts made in.
SB354 amends Title 18 of the Delaware Code to modify the insurable interest requirements for insurance contracts. Specifically, it clarifies that securities intermediaries and banks acting on behalf of others will not be liable for benefits received from insurance contracts made in violation of insurable interest provisions, unless the person on whose behalf they acted is liable. This change applies to actions brought after the enactment of the bill.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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