58-10-6. Consent of insured required for life or health insurance on an individual.

No life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, shall be made or become effective unless at the time of the making of the contract such individual applies therefor or has consented thereto in writing, except in the following cases:

(1)    A spouse may effectuate such insurance upon the other spouse.

(2)    Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance, may effectuate insurance upon the life of or pertaining to such minor.

(3)    Family policies may be issued insuring any two or more members of a family on an application signed by either parent, a stepparent, or by a husband or wife.

Source: SL 1966, ch 111, ch 22, § 9.

58-10-6.1. Assignment of incidents of ownership under life insurance policy--Assignment before July 1, 1989, enforceable.

Subject to the policy terms on assignment, a person whose life is insured under a policy of life insurance may assign with his spouse's written consent any or all incidents of ownership granted him under the policy, including but not limited to any right to designate a beneficiary or to pay premiums. If a policy of life insurance has been issued in conformity with this section, no transfer of the policy or any interest thereunder shall be invalid by reason of a lack of insurable interest of the transferee in the life of the insured or the payment of premiums thereafter by the transferee. Insurance contracts which were assigned before July 1, 1989, shall be deemed enforceable under this section.

Source: SL 1989, ch 423, § 2.