| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | General Assembly Raised Bill No. 283 | |
| 2 | 2 | February Session, 2016 LCO No. 1294 | |
| 3 | - | *_____ | |
| 3 | + | *01294_______INS* | |
| 4 | 4 | Referred to Committee on INSURANCE AND REAL ESTATE | |
| 5 | 5 | Introduced by: | |
| 6 | 6 | (INS) | |
| 7 | 7 | ||
| 8 | 8 | General Assembly | |
| 9 | 9 | ||
| 10 | 10 | Raised Bill No. 283 | |
| 11 | 11 | ||
| 12 | 12 | February Session, 2016 | |
| 13 | 13 | ||
| 14 | 14 | LCO No. 1294 | |
| 15 | 15 | ||
| 16 | - | *_____ | |
| 16 | + | *01294_______INS* | |
| 17 | 17 | ||
| 18 | 18 | Referred to Committee on INSURANCE AND REAL ESTATE | |
| 19 | 19 | ||
| 20 | 20 | Introduced by: | |
| 21 | 21 | ||
| 22 | 22 | (INS) | |
| 23 | 23 | ||
| 24 | 24 | AN ACT REQUIRING LIFE INSURANCE COMPANIES TO INCLUDE CERTAIN INFORMATION WITH LIFE INSURANCE POLICY PROCEEDS PAYMENTS. | |
| 25 | 25 | ||
| 26 | 26 | Be it enacted by the Senate and House of Representatives in General Assembly convened: | |
| 27 | 27 | ||
| 28 | 28 | 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. | |
| 29 | 29 | ||
| 30 | 30 | ||
| 31 | 31 | ||
| 32 | 32 | ||
| 33 | 33 | This act shall take effect as follows and shall amend the following sections: | |
| 34 | 34 | Section 1 October 1, 2016 New section | |
| 35 | 35 | ||
| 36 | 36 | This act shall take effect as follows and shall amend the following sections: | |
| 37 | 37 | ||
| 38 | 38 | Section 1 | |
| 39 | 39 | ||
| 40 | 40 | October 1, 2016 | |
| 41 | 41 | ||
| 42 | 42 | New section | |
| 43 | 43 | ||
| 44 | + | Statement of Purpose: | |
| 44 | 45 | ||
| 46 | + | 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. | |
| 45 | 47 | ||
| 46 | - | INS Joint Favorable | |
| 47 | - | ||
| 48 | - | INS | |
| 49 | - | ||
| 50 | - | Joint Favorable | |
| 48 | + | [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.] |