Upon application of a conservator or the guardian of the estate of a ward, conserved person or other incapable person, the Court of Probate may authorize the conservator or guardian to invest income or principal of the estate, to the extent found reasonable by the court under all the circumstances, in one or more policies of life or endowment insurance or one or more annuity contracts issued by a life insurance company authorized to conduct business in this state, on the life of the ward, conserved person or incapable person, or on the life of a person in whose life the ward, conserved person or incapable person has an insurable interest. Any such policy or contract shall be the sole property of the ward, conserved person or incapable person whose funds are invested in it.
(1949, S. 2903d; P.A. 80-476, S. 103; P.A. 07-116, S. 9.)
History: P.A. 80-476 made minor changes in wording; Sec. 45-59 transferred to Sec. 45a-595 in 1991; P.A. 07-116 added references to conserved person, and added reference to other incapable person.