HB 664 -- Charitable Gift Annuities

Sponsor:  Skaggs

This bill reenacts and clarifies the effective date of
legislation enacted in 1996.  That legislation was contained in
a bill that was ruled unconstitutional in 1998 on the grounds
that it contained more than one subject.

The bill requires any organization issuing a qualified
charitable gift annuity to immediately notify the Department of
Insurance.  The organization must demonstrate to the department
that it has at least $100,000 in assets and has been in
continuous operation for at least 3 years.  The department may
fine violators up to $1,000 per charitable gift annuity
agreement.  The bill also clarifies that the issuance of a
charitable gift annuity does not constitute engaging in the
business of insurance.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm