168Insurable interests

168 Insurable interests

168 Insurable interests

(1) A person (including an owners corporation) is taken to have an insurable interest in the subject-matter of a contract of insurance entered into by the person in accordance with this Part.

(2) The owner of a lot is taken to have an insurable interest in a building comprised in the lot while the building is subject to a determination referred to in section 160 (4).

(3) This section applies despite the provisions of section 23 of the Imperial Acts Application Act 1969 or any other law relating to insurance.