HB 897 Insurance; exempts certain charitable gift annuities from regulation.
Whittington W. Clement | all patrons    ...    notes
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Summary:
Insurance; exemption of certain charitable gift annuities from regulation. Exempts qualified charitable gift annuities (and their issuance) from insurance regulation. The bill defines "charitable gift annuity" to mean an agreement by a charitable organization to make periodic payments in fixed dollar amounts payable over one or two lives in exchange for a transfer of cash or other property by a donor to such charitable organization. The actuarial value of the annuity is said to be less than the value of the cash or other property transferred; the difference in value constitutes a charitable deduction for federal tax purposes. Such an annuity is a qualified charitable gift annuity if it conforms to the requirements of enumerated provisions of the United States Internal Revenue Code, and if it is issued by a charitable organization that (i) has a minimum of $100,000 in cash, cash equivalents or other securities and (ii) has been in continuous operation for at least three years or is a successor to, or an affiliate of, a charitable organization in continuous operation for at least three years. Finally, the bill requires charitable organizations issuing such annuities to advise donors, in writing, that such annuity agreements are not insurance, and thus not subject to insurance regulation or the protections of the Virginia Life, Accident and Sickness Insurance Guaranty Association. The bill declares that its provisions stating that annuities are not insurance products and that their issuance is not engaging in the business of insurance or a violation of the insurance title's unfair trade practices chapter, are declarative of existing law.

Full text:
01/22/96  House: Presented & ordered printed 961566152  pdf
02/01/96  House: Printed as engrossed 961566152-E  pdf
02/20/96  Senate: Committee substitute printed 967730152-S1  pdf
03/06/96  House: Bill text as passed House and Senate (HB897ER)  pdf
04/04/96  Governor: Acts of Assembly Chapter text (CHAP0425)  pdf

Amendments:
House amendments

Status:
01/22/96  House: Presented & ordered printed 961566152
01/22/96  House: Referred to Committee on Corporations, Insurance and Banking
01/30/96  House: Reported from Corp., Ins. & Banking (22-Y 0-N)
01/31/96  House: Read first time
02/01/96  House: Read second time
02/01/96  House: Amendments by Mr. Clement agreed to
02/01/96  House: Engrossed by House as amended
02/01/96  House: Printed as engrossed 961566152-E
02/02/96  House: Read third time and passed House (Block Vote) (99-Y 0-N)
02/02/96  House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
02/02/96  House: Reconsideration of passage agreed to by House
02/02/96  House: Passed House (Block Vote) (100-Y 0-N)
02/02/96  House: VOTE: BLOCK VOTE PASSAGE #2 (100-Y 0-N)
02/02/96  House: Communicated to Senate
02/05/96  Senate: Read first time
02/05/96  Senate: Referred to Committee on Commerce and Labor
02/19/96  Senate: Reported from C. & L. with substitute (15-Y 0-N)
02/20/96  Senate: Committee substitute printed 967730152-S1
02/20/96  Senate: Constitutional reading dispensed (40-Y 0-N)
02/20/96  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/21/96  Senate: Read third time
02/21/96  Senate: Reading of substitute waived
02/21/96  Senate: Committee substitute agreed to 967730152-S1
02/21/96  Senate: Engrossed by Senate - comm. sub. 967730152-S1
02/21/96  Senate: Passed Senate with substitute (40-Y 0-N)
02/21/96  Senate: VOTE: PASSAGE (40-Y 0-N)
02/22/96  House: Placed on Calendar
02/23/96  House: Senate substitute agreed to by House (97-Y 0-N)
02/23/96  House: VOTE: ADOPTION (97-Y 0-N)
03/06/96  House: Bill text as passed House and Senate (HB897ER)
03/15/96  Senate: Enrolled
03/16/96  House: Signed by Speaker
03/18/96  Senate: Signed by President
03/31/96  Governor: Approved by Governor-Chapter 425 (effective 7/1/96)
04/04/96  Governor: Acts of Assembly Chapter text (CHAP0425)