What legislation is responsible for unlimited insurable interest in spousal relationships?

The Married Women’s Property Act 1882 is significant for establishing the concept of unlimited insurable interest in spousal relationships. Before this Act, a married woman had limited rights over her property and could not independently insure her life or property for the benefit of her husband. The Act allowed married women to own property in their own right, which included the ability to take out insurance policies where their husbands could be named as beneficiaries. This legislation recognized the equality of spouses in ownership rights and in the ability to secure financial interests, thus facilitating the concept that spouses could have unlimited insurable interest in each other's lives.

Other options, such as the Family Law Reform Act 1969, primarily addressed issues related to divorce and family law but did not specifically focus on insurable interest. The Life Insurance Act 1995 and the Insurance Companies Act 1982 deal more with the regulation of life insurance and the functioning of insurance companies rather than directly impacting the insurable interest rights of spouses. Therefore, the Married Women’s Property Act 1882 is the critical legislation that established unlimited insurable interest in spousal relationships.