8th Circ. Insurable Interest Ruling Limits Insurer Defenses

Law360, Los Angeles (March 24, 2015, 6:51 PM EDT) -- The Eighth Circuit's recent ruling that the insurable interest requirement for a life insurance policy is met under Minnesota law when a person buys insurance on his own life curtails carriers' ability to challenge the validity of those policies, even those that are allegedly unlawful stranger-owned life insurance agreements, according to experts.

In a March 13 opinion, a panel of the appeals court reversed a district court's ruling that a $5 million life insurance policy issued by PHL Variable Insurance Co. was void from its inception for lack of an insurable interest. The lower court had voided the policy after finding...

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