DE SB220

Amends Delaware Code Title 18 § 704 to require insurers to refund all premiums paid plus interest when rescinding, voiding, or terminating a life insurance contract procured without insurable interest or issued in violation of §705 or §708.

Refund interest rate must be no lower than the rate specified in the contract for calculating cash surrender values at the time of rescission or termination.

Exception excludes contract owners who directly engaged in violations of §704, §705, or §708 from receiving refunds.

Applies retroactively to all insurance contracts in effect on or after the bill's enactment date.

Codifies existing Delaware common law requiring premium refunds upon rescission and provides certainty to the secondary market for life insurance policies.