| HB 0373 | Relating to Life Insurance Policies |
| Sponsor: | LAKIN | Handling House Bill: | |
| Committee: | INSC | LR Number: | L0930.03I |
| Last Action: | 03/01/95 - Reported Do Pass H Insurance Committee | ||
| Title: | |||
| Effective Date: | |||
HB0373 Lakin, Scott et al
C O M M I T T E E
HB 373 -- LIFE INSURANCE
SPONSOR: Lakin
COMMITTEE ACTION: Voted "do pass" by the Committee on Insurance by a vote of 11 to 1.
The bill allows a charitable, benevolent, educational, or religious institution to own an insurance policy on the life of a person, if the insured person consents to the ownership.
FISCAL NOTE: No impact on state funds.
PROPONENTS: Supporters of the bill say that it reduces the federal estate tax due on the estate of certain donors by allowing the charity and not the donor to own the policy. Supporters say this will increase charitable gifts.
Testifying for the bill were Representative Lakin; Professional Independent Insurance Agents; and Maurice O'Sullivan, Jr.
OPPONENTS: There was no opposition voiced to the committee.
Ted Wedel, Research Analyst