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.

Mayer Brown today announces the elevation of 53 lawyers to partner and counsel. The group comprises 35 lawyers who have been promoted to partner, and 18 who have earned the counsel rank. In the aggregate, 55 percent of those promoted are female and 45 percent male.

The crisis in Ukraine has tremendous implications for our clients, many of whom have employees or family directly at risk, operations that have been affected and supply chains that have been interrupted. Mayer Brown’s Ukraine Crisis Core Response team is working to ensure that our clients have access to the critical information and insight that they require.