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The Committee on Judiciary (Gaetz) recommended the following

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amendment:

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     Senate Amendment

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     Delete lines 54 through 94

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and insert:

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the trust; an individual closely related by blood or law to the

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grantor; or an individual in whom the grantor otherwise has an

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insurable interest if, in each of the situations described in

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subsection (5), the life insurance proceeds are primarily for

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the benefit of trust beneficiaries having an insurable interest

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in the life of the insured.

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     6. A guardian, trustee, or other fiduciary, acting in a

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fiduciary capacity, has an insurable interest in the life of any

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person for whose benefit the fiduciary holds property, and in

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the life of any other individual in whose life the person has an

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insurable interest so long as the life insurance proceeds are

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primarily for the benefit of persons having an insurable

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interest in the life of the insured.

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     7. A charitable organization meeting the requirements of

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s. 501(c)(3) of the United States Internal Revenue Code, as

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amended, has an insurable interest in the life of any person who

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consents in writing to the organization's ownership or purchase

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of that insurance.

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     8. A trustee or custodian of assets held in any plan

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governed by the Employee Retirement Income Security Act of 1974,

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29 U.S.C. ss. 1001 et seq., or in any other retirement or

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employee benefit plan, has an insurable interest in the life of

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any participant in the plan with the written consent of the

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prospective insured. An employer, trustee, or custodian may not

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retaliate or take adverse action against any participant who

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does not consent to the issuance of insurance on the

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participant's life.

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     9. A business entity has an insurable interest in the

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life, body, and health of any of the owners, directors,

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officers, partners, and managers of the business entity or any

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subsidiary of the business entity, or key employees or key

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persons of the business entity or subsidiary, provided that

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consent is obtained in writing from the key employees or persons

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before the insurance is purchased. The business entity or

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subsidiary may not retaliate or take adverse action against any

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key employee or person who does not consent to the issuance of

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insurance on the key employee or key person's life.

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     (3)(1) An insurer shall be entitled to rely upon all

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statements, declarations, and representations made by an

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applicant for insurance relative to the insurable interest which

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such applicant has in the insured; and no insurer shall incur

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any legal liability except as set forth in the policy, by virtue

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of any untrue statements, declarations, or representations so

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relied upon in good faith by the insurer.

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     (4) If the beneficiary, assignee, or other payee under any

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insurance contract procured by a person

3/12/2008  2:18:00 PM     590-04909-08