H0520B0484A02172 AJB:JMT 07/28/21 #90 A02172
AMENDMENTS TO HOUSE BILL NO. 520
Sponsor: REPRESENTATIVE R. MACKENZIE
Printer's No. 484
Amend Bill, page 1, line 4, by inserting after "definitions"
and for exemption from regulation
Amend Bill, page 1, lines 17 and 18, by striking out "a
commercial annuity company" and inserting
an insurance company licensed, authorized or otherwise
approved by the Insurance Department
Amend Bill, page 3, by inserting between lines 1 and 2
Section 2. Section 3 of the act is amended to read:
Section 3. Exemption from regulation.
The laws of this Commonwealth regulating insurance,
including, but not limited to, the act of May 17, 1921 (P.L.682,
No.284), known as The Insurance Company Law of 1921, and the act
of May 17, 1921 (P.L.789, No.285), known as The Insurance
Department Act of 1921, shall not apply to the issuance by a
qualified charity of a qualified charitable gift annuity. This
section shall not apply to de-risking annuity contracts.
Amend Bill, page 3, line 2, by striking out "2" and inserting
3
2021/90AJB/HB0520A02172 - 1 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18