HB 622 -- LIFE INSURANCE

This bill allows a charitable, benevolent, educational, or
religious institution to own a life insurance policy on a person.

HB 622 -- LIFE INSURANCE (Lakin)

This 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.

HB 622 -- LIFE INSURANCE

SPONSOR:  Lakin

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Insurance by a vote of 13 to 0.

This 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 say that the bill reduces the federal
estate tax due on the estate of certain donors by allowing the
charity instead of the donor to own a life insurance policy.
Supporters say this will increase charitable gifts.

Testifying for the bill were Representative Lakin; and the
Missouri Association of Insurance Agents.

OPPONENTS:  There was no opposition voiced to the committee.

Martin Romitti, Research Analyst

HB 622 -- Life Insurance

Sponsor:  Lakin

This 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.