General Assembly Raised Bill No. 283
February Session, 2016 LCO No. 1294
*01294_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
General Assembly
Raised Bill No. 283
February Session, 2016
LCO No. 1294
*01294_______INS*
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
(INS)
AN ACT REQUIRING LIFE INSURANCE COMPANIES TO INCLUDE CERTAIN INFORMATION WITH LIFE INSURANCE POLICY PROCEEDS PAYMENTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2016) Each life insurance company that pays, on or after October 1, 2016, the proceeds of a life insurance policy shall include with such payment the information needed for a beneficiary to complete an Internal Revenue Service Form 712 or any subsequent corresponding form adopted by the Internal Revenue Service.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2016 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2016
New section
Statement of Purpose:
To require life insurance companies to include with any life insurance proceeds payment the information needed for a beneficiary to complete an Internal Revenue Service Form 712.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]