58-10-3. Procurement of insurance on own life or body for benefit of another--Interest required for insurance on life or body of another.
Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person. But no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under such contract are payable to the individual insured or his personal representatives, or to a person having, at the time when such contract was made, an insurable interest in the individual insured.
Source: SL 1966, ch 111, ch 22, §4 (1).