Enrolled Bill Summary

Senate Bill 333 amends the Insurance Code to clarify the intent of the legislature relating to the legality of certain charitable gift annuities. The act specifies that the legality of a charitable gift annuity is retroactive and that any entity involved in the issuance of a charitable gift annuity is immune from litigation alleging that the issuance of a charitable gift annuity constitutes engaging in the business of insurance. The act provides that in any such litigation, an annuity treated as a charitable gift annuity and documented by the donor as such with the Internal Revenue Service shall be treated as a qualified charitable gift annuity issued by a charitable organization.