DE HB87

Requires insurers to refund total premiums paid when rescinding, voiding, or terminating a life insurance contract procured without insurable interest or in violation of sections 705 or 708 of Title 18.

Exempts contract owners who directly engaged in violations of insurable interest requirements from the refund provision.

Requires new owners of life insurance contracts to notify the issuing insurance company of ownership transfer, including name, address, and contact information within 120 days.

Applies to all insurance contracts with premiums paid as of the effective date and to all policies issued or transferred thereafter.