'Outdated' Insurable Interest Bill redrafted for life

The joint Law Commission (Scotland and England & Wales) has today published an updated draft of the Insurable Interest Bill, which includes broader considerations for life insurance, as well as accident and health cover. The Bill, last reformed as part of the Marine Insurance Act 1906 but initially reviewed 10 years ago, has suggested that individuals have an automatic insurable interest in cohabitants, not just spouses or civil partners. Another suggestion is to include extending insurable interest to cover children and grandchildren, so that they can be lawfully covered under travel...