A. No owner, administrator, or operator of a residential care home shall have an insurable interest in the life of a resident of the home unless the owner, administrator or operator is related to the resident by blood or marriage.
B. No owner, administrator or operator of a residential care home shall be entitled or assigned to any benefits of a life insurance policy on a resident unless the owner, administrator or operator is related to the resident by blood or marriage.
Added by Laws 1984, c. 128, § 25, eff. Nov. 1, 1984. Amended by Laws 1987, c. 98, § 18, emerg. eff. May 20, 1987; Laws 2001, c. 410, § 17, eff. Nov. 1, 2001.