Synopsis As Introduced Creates the Insurable Interests Act. Provides that any individual of lawful age may take out an insurance contract upon himself for the benefit of any person. Provides that no person shall knowingly procure or cause to be procured any insurance contract upon another individual unless the benefits under the contract are payable to (i) the insured or his personal representative; or (ii) a person having an insurable interest in the insured at the time when the contract was made. With respect to trusts, the Act applies to trusts existing before, on, or after the Act's effective date. Contains other provisions. Effective immediately.