CHARITABLE GROUPS/LIFE BENEFICIARY                                S.B. 702: FLOOR ANALYSIS

Senate Bill 702 (as reported without amendment) Sponsor: Senator Philip E. Hoffman

Committee: Financial Services

CONTENT

The bill would amend the Insurance Code to allow a charitable organization, as described in Section 501(c)(3) of the Federal Internal Revenue Code, to have an insurable interest in the life of an individual who gave written consent to the ownership or purchase of a policy on his or her life.

Proposed MCL 500.2212                                                                Legislative Analyst: P. Affholter

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed: 9-19-96                                                                Fiscal Analyst: M. Tyszkiewicz

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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.