S-1489.1  _______________________________________________

                         SENATE BILL 6049

          _______________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Senator Deccio

Read first time 02/15/2001.  Referred to Committee on Labor, Commerce & Financial Institutions.

Regulating the charitable gift annuity business.

    AN ACT Relating to regulating the charitable gift annuity business; adding a new section to chapter 48.38 RCW; and creating new sections.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  The legislature declares that insurers or educational, religious, charitable, or scientific institutions that conduct charitable gift annuity businesses serve a valuable public purpose.  The legislature intends to inform and protect the public and the institutions that benefit from the issuance of charitable gift annuity contracts.

NEW SECTION. Sec. 2.  A new section is added to chapter 48.38 RCW to read as follows:

    Any insurer or educational, religious, charitable, or scientific institution in receipt of a certificate of exemption under this chapter must inform the transferor and the transferor's nominee, in writing, of the existence or nonexistence of a charitable gift annuity business guaranty fund.

NEW SECTION. Sec. 3.  The insurance commissioner shall prepare and submit to the legislature no later than December 1, 2001, proposed legislation creating a charitable gift annuity business guaranty association.

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