S.B. 702: COMMITTEE SUMMARY CHARITABLE GROUPS/LIFE BENEFICIARY
Senate Bill 702 (as introduced 9-27-95) Sponsor: Senator Philip E. Hoffman Committee: Financial Services
Date Completed: 9-16-96
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
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: M. Tyszkiewicz
S9596\S702SA
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.
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