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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2831
Introduced 2/5/2004, by Peter J. Roskam SYNOPSIS AS INTRODUCED:
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Amends the Illinois Insurance Code. In provisions pertaining to exempt charitable gift annuities, provides that the annuity of an organization that has been in active operation for not less than 5 (now 20) years before the date the annuity is issued is exempt. Effective immediately.
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A BILL FOR
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SB2831 |
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LRB093 20985 SAS 46984 b |
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| AN ACT concerning insurance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Insurance Code is amended by |
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| changing Section 121-2.10 as follows:
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| (215 ILCS 5/121-2.10)
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| Sec. 121-2.10. Exempt charitable gift annuities. The |
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| insurance laws of
this State, including this Code, do not apply |
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| to any charitable gift annuity,
as defined in Section 501(m)(5) |
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| of the Internal Revenue Code, issued by an
organization that is |
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| described in Section 170(c) of the Internal
Revenue
Code, if |
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| either (i) an insurer authorized to transact
business in this |
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| State is directly obligated to the annuitant or (ii) the
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| organization has been in active
operation for not less than 5
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| 20 years
before the
date the annuity is issued and has an |
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| unrestricted fund balance
of not
less than $2,000,000 on the |
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| date the annuity is issued. For
purposes of this Section, |
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| "Internal Revenue Code" refers to the
Internal Revenue Code of |
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| 1986, as amended, and corresponding provisions of
subsequent |
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| federal tax laws.
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| (Source: P.A. 89-124, eff. 7-7-95; 89-485, eff. 6-21-96.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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