SENATE AMENDMENT

    Bill No. CS for SB 1712

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Meek moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 30, between lines 28 & 29,

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16  insert:

17         Section 16.  Subsection (1) of section 627.481, Florida

18  Statutes, is amended to read:

19         627.481  Requirements for certain annuity agreements.--

20         (1)  Any duly organized domestic or foreign nonstock

21  corporation, or any unincorporated charitable trust, if such

22  corporation or trust

23         (a)  Has been in active operation for at least 5 years

24  prior thereto and has qualified as an exempt organization

25  under the Internal Revenue Code, 26 U.S.C. s. 501(c)(3), or

26         (b)  Has been wholly controlled for at least 10 years

27  by a corporation or trust qualified under paragraph (a), if

28  the subunit has been a corporation or trust for at least 2

29  years, and has engaged in the selling of annuity agreements

30  authorized under this section in at least three other states

31  without complaint,

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1712

    Amendment No.    





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 2  may enter into annuity agreements with donors in accordance

 3  with this section. Such corporation or trust may receive gifts

 4  conditioned upon, or in return for, its agreement to pay an

 5  annuity to the donor or other designated beneficiary or

 6  beneficiaries and to make and carry out such annuity

 7  agreement. Annuity benefits under any such annuity agreement

 8  must be calculated to return to such corporation or trust upon

 9  the death of the annuitant a residue at least equal to

10  one-half the original gift or other consideration for such

11  annuity.

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13  (Redesignate subsequent sections.)

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16  ================ T I T L E   A M E N D M E N T ===============

17  And the title is amended as follows:

18         On page 3, line 8, after the semicolon

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20  insert:

21         amending s. 627.481, F.S.; prescribing

22         conditions under which a subunit of an

23         organized domestic or foreign nonstock

24         corporation or an unincorporated charitable

25         trust may enter into annuity agreements;

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