CA AB459

Authorizes policy owners to file for declaratory relief by January 1, 2018 to challenge insurers' potential challenges to life insurance policies for lack of insurable interest.

Applies only to policies issued for delivery in California before January 1, 2010 with death benefits of $1,000,000 or greater, and only if the owner was the record owner on the effective date.

Prohibits owners of record or insurers from suing the named insured or their relatives for damages if a court declares the policy void due to lack of insurable interest.

Preserves insurers' existing right to seek declaratory or other relief regarding policy validity.

Sunsets on January 1, 2018 and is then repealed.