PRINTER'S NO. 2360
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1769
Session of
2019
INTRODUCED BY MACKENZIE, BERNSTINE, CALTAGIRONE, EMRICK, JONES,
MENTZER, MILLARD, MOUL, RADER AND ZIMMERMAN, AUGUST 30, 2019
REFERRED TO COMMITTEE ON COMMERCE, AUGUST 30, 2019
AN ACT
Amending the act of October 16, 1996 (P.L.712, No.127), entitled
"An act exempting the issuance by a qualified charity of a
qualified charitable gift annuity from regulation under
insurance laws," further providing for definitions.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Paragraph (2)(iv) of the definition of "qualified
charitable gift annuity" and paragraph (3) of the definition of
"qualified charity" in section 2 of the act of October 16, 1996
(P.L.712, No.127), known as the Charitable Gift Annuity
Exemption Act, are amended and the section is amended by adding
a definition to read:
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"De-risking annuity contract." An annuity purchased from a
commercial annuity company by a charity that matches
substantially all future payments of the charity arising from a
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charitable gift annuity contract obligation.
"Qualified charitable gift annuity." An annuity which:
* * *
(2) Contains in a written agreement substantially all of
the following provisions:
* * *
(iv) A statement as to whom the donor may contact to
obtain a copy of the following information:
(A) the organization's status under section
170(c) of the Internal Revenue Code of 1986 (Public
Law 99-514, 26 U.S.C. ยง 170(c)) or any successor
provisions; and
(B) financial statements filed with a
governmental agency or audited financial statements
from the charity showing that the charity has
unrestricted and unencumbered assets in the form of
cash, cash equivalents, de-risking annuity contracts
or publicly traded securities of at least $100,000
plus one-half of the principal value of any annuities
issued by the organization and then in effect.
* * *
"Qualified charity." An organization which on the date a
qualified charitable gift annuity is issued meets all of the
following criteria:
* * *
(3) Has unrestricted and unencumbered assets in the form
of cash, cash equivalents, de-risking annuity contracts or
publicly traded securities of at least $100,000 plus one-half
of the principal value of any annuities issued by the
organization and then in effect.
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* * *
Section 2. This act shall take effect in 60 days.
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