Producers not to be named as beneficiaries

Sec. 31. An insurance producer shall not: (1) be named a beneficiary of; (2) become an owner of; or (3) receive a collateral assignment of; an individual life insurance policy or individual annuity contract unless the insurance producer has an insurable interest in the life of the insured or annuitant. A beneficiary designation, ownership designation, or collateral assignment made in violation of this section is void. As added by P.L.132-2001, SEC.3.