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2007 SESSION
HB 2001 Life insurance; clarifies provisions addressing when a trustee has an insurable interest therein.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Life insurance; insurable interest requirement. Clarifies that the provisions addressing when a trustee has an insurable interest in a life insurance policy are to be applied whether the policy was owned by a trustee before, on, or after July 1, 2005, which is the effective date of the legislation that enacted such provisions. The measure also provides that the 2005 legislation was intended to permit charitable organizations that satisfied the criteria set out in the criteria of that law to continue to acquire charitable certificates after July 1, 2005.
SUMMARY AS PASSED HOUSE:
Life insurance; insurable interest requirement. Clarifies that the provisions addressing when a trustee has an insurable interest in a life insurance policy are to be applied whether the policy was owned by a trustee before, on, or after July 1, 2005, which is the effective date of the legislation that enacted such provisions.
SUMMARY AS INTRODUCED:
Life insurance; insurable interest requirement. Clarifies that the provisions addressing when a trustee has an insurable interest in a life insurance policy are to be applied retroactively to policies acquired before the July 1, 2005, effective date of the legislation that enacted the provisions.