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ARTICLE · 23 NOVEMBER 2022

Issues With Insurable Interest - Taking Out Hong Kong Life Insurance With Collateral Assignment

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The concept of insurable interest has been in place for a few hundred years.

Hong KongInsurance
Jenny Yu
Jenny Yu
Tow Lu Lim
Tow Lu Lim
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The concept of insurable interest has been in place for a few hundred years. The requirement is that only a person with an interest in the property or life insured can take out the insurance policy. It was developed for public policy reasons to avoid persons from gambling on property and lives of others where they have no interest.

Under Section 64B of the Insurance Ordinance Cap. 41 (IO), insurable interest is required for life insurance, otherwise, the life insurance contract is void. This will be an issue for insurance companies issuing the policy and policyholders, as well as any financier who may have taken a collateral assignment of the policy.

A person has unlimited insurable interest in his or her own life, and the life of his or her spouse. Section 64A of the IO provides that the parents or guardian of a minor also have insurable interest in the life of the minor.

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