2217a

(a) Requirements for control.— A secured party has control over a life insurance policy:(1) If the secured party is the insurer that issued the policy, or(2) if the secured party is not also the insurer, the insurer authenticates a record acknowledging notice of the granting of a security interest to the secured party in the policy and the insured agrees to pay the proceeds of the policy to the secured party.(b) Additional requirement: consent of beneficiary.— If the beneficiary of a life insurance policy taken as collateral is not the insured or its estate, a security interest does not attach with respect to rights under the policy unless the written consent of the policy beneficiary is given. This requirement does not apply when the beneficiary may be changed upon the sole request of the insured or when the policy itself provides that it may be pledged or assigned without the beneficiary's consent. History —Sept. 19, 1996, No. 241, added as § 9–107.1 on Jan. 17, 2012, No. 21, § 11, eff. 1 year after Jan. 17, 2012.