INSURABLE INTERESTS ACT House SponsorsRep. Lou Lang 1/11/2011HouseSession Sine Die New Act Creates the Insurable Interests Act. Provides that any individual of lawful age may take out an insurance contract upon himself for the benefit of any person. Provides that no person shall knowingly procure or cause to be procured any insurance contract upon another individual unless the benefits under the contract are payable to (i) the insured or his personal representative; or (ii) a person having an insurable interest in the insured at the time when the contract was made. With respect to trusts, the Act applies to trusts existing before, on, or after the Act's effective date. Contains other provisions. Effective immediately. 2/19/2009HouseFiled with the Clerk by Rep. Lou Lang 2/19/2009HouseFirst Reading 2/19/2009HouseReferred to Rules Committee 2/23/2009HouseAssigned to Insurance Committee 3/13/2009HouseRule 19(a) / Re-referred to Rules Committee 1/11/2011HouseSession Sine Die