Full legislation
s.64B
No contract of insurance to be made without interest
(1) No contract of insurance shall be entered into on the life of any person or on any other event— (a) if the person for whose use or benefit or on whose account the contract is to be entered into has no interest; or (b) by way of gaming or wagering. (2) A contract of insurance entered into in contravention of subsection (1) is void by reason of that contravention.