The Supreme Court of Georgia has ruled that, under Georgia law, a life insurance policy—taken out by the insured on his own life with the intent to sell the policy to a third party with no insurable interest, but without a third party’s involvement when the policy was procured—is not void as an illegal wagering contract.

In making its ruling Tuesday, the high court relied on the text of the insurable-interest statute, since the Georgia General Assembly in 1960 repealed all state statutes addressing life insurance before replacing them in a new Insurance Code that codified only some of the body of past decisional law.