SB 277 -- IRREVOCABLE LIFE INSURANCE TRUSTS

SPONSOR:  Cunningham (Brandom)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Institutions by a vote of 10 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 an out-of-state
national bank or trust company.

FISCAL NOTE:  No impact on state funds in FY 2010, FY 2011, and
FY 2012.

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

Testifying for the bill were were Senator Cunningham; Missouri
Bankers Association; and Ilan Davidovici.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am