HOUSE BILL NO. 223
AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO INSURABLE INTEREST.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §2704(c)(3) Title 18, Delaware Code by deleting the subsection in its entirety and inserting in lieu thereof the following:
"(3) An employer providing life, health, disability, retirement or similar benefits to some or all of its employees or the employees of its affiliates, or their dependents or beneficiaries, has an insurable interest in the lives of all of its employees or the employees of its affiliates. The trustee of a trust established by an employer substantially for the benefit of the employer, or for the benefit of some or all of the employees in which such employer has an insurable interest, or the dependents or beneficiaries of such employees, has the same insurable interest in the life of such employees as does the employer;"
Section 2. Amend §2704(e), Title 18, Delaware Code by adding the following new subsection:
"(6) The term "affiliate" shall have the same meaning as set forth in §5001(1) of this Title."
Approved June 22, 2001