Mississippi House Bill 1515 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on February 2 2010 - 100% progression
Action: 2010-02-02 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Amend Section 83-5-251, Mississippi Code Of 1972, To Provide That A Bona Fide Charity Or Nonprofit Corporation Has An Insurable Interest In The Life Of An Insured Under An Insurance Policy In Which The Charity Or Corporation Is The Owner And Beneficiary Of An Insurance Policy With The Insured's Retirement Account Designated As Collateral Assignee Of The Insurance Policy To Secure Repayment Of Loans From The Retirement Account To The Charity; To Amend Section 75-71-102, Mississippi Code Of 1972, To Exempt Insurance Policies Issued To A Charity To Secure Loan Repayment To A Donor's Retirement Account From The Definition Of "security" Under The Mississippi Securities Act Of 2010; To Amend Section 79-11-343, Mississippi Code Of 1972, To Provide That A Claim Against A Dissolved Nonprofit Corporation For A Life Insurance Policy Owned By The Charity Shall Not Be Barred; To Amend Section 79-11-505, Mississippi Code Of 1972, To Provide That The Provisions Regulating Charitable Solicitations Do Not Apply To Loans From A Donor's Retirement Account To Charity, If None Of The Fundraising Activities Are Conducted By A Professional Solicitor Paid Directly By The Charity; And For Related Purposes.

Charity or nonprofit corporation; has insurable interest in life of insured where it is owner and beneficiary of policy.

Rep. Stephen Holland [D]

Date	Chamber	Action
2010-02-02		Died In Committee
2010-01-18		Referred To Insurance

Type	Source
Summary	https://billstatus.ls.state.ms.us/2010/pdf/history/HB/HB1515.xml
Text	https://billstatus.ls.state.ms.us/documents/2010/html/HB/1500-1599/HB1515IN.htm