1. (a) A charitable entity may:

   1. (1) purchase;
   2. (2) own; or

   3. (3) be transferred ownership of;

      a life insurance policy on the life of an individual if the individual consents to the charitable entity's purchase or ownership of the policy.

2. (b) A charitable entity that purchases or is transferred ownership of a life insurance policy under subsection (a) has an insurable interest in the life of the individual who consents to the charitable entity's purchase or ownership of the policy.

As added by P.L.129-1992, SEC.1.