HB 1617 -- IRREVOCABLE LIFE INSURANCE TRUSTS

SPONSOR:  Cunningham (86)

COMMITTEE ACTION:  Voted "do pass by consent" by the Special
Committee on Financial Institutions by a vote of 9 to 0.

This bill allows a bank, trust company, savings and loan
association, or a savings bank to transfer by assignment some or
all of its fiduciary obligations consisting of irrevocable life
insurance trusts to the Missouri Trust Office of a non-Missouri
national bank or trust company.

FISCAL NOTE:  No impact on state funds in FY 2009, FY 2010, and
FY 2011.

PROPONENTS:  Supporters say that the bill will make it easier for
companies to transfer irrevocable life insurance trusts and will
save the company and customer money.

Testifying for the bill were Representative Cunningham (86);
Missouri Bankers Association; and Ilan Davidovici.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm