SB256: Bill Text

LRB-2393/1

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1995 - 1996 LEGISLATURE

1995 Senate BILL 256

June 20, 1995 - Introduced by Senators Huelsman and C. Potter, cosponsored by Representatives Albers and Baldus. Referred to Committee on Insurance.

SB256,1,2 An Act to amend 631.01 (4) of the statutes; relating to: annuities for eleemosynary institutions.

Analysis by the Legislative Reference Bureau

Under current law, group policies or annuities that are provided on a nationally uniform basis to nonprofit educational, scientific research, religious or charitable institutions (called eleemosynary institutions) for the benefit of the employes of the institutions are exempt from certain insurance policy requirements, such as form approval by the commissioner, the health insurance mandates, requirements for certain clauses to appear on the first page of the policy and the termination and renewal provisions that apply generally to insurance policies. The commissioner may, however, by order subject the specified policies and annuities to the insurance policy requirements if the interests of Wisconsin insureds or creditors so require. This bill specifies that the exemptions apply to annuities and group policies, rather than to group policies and annuities. The effect of the change is to make the exemptions apply to all annuities, whether group or individual, that are provided to the specified eleemosynary institutions for the benefit of the employes.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB256, s. 1 Section 1. 631.01 (4) of the statutes is amended to read:

SB256,2,8 631.01 (4) (title) Group policies and annuities and group policies for eleemosynary institutions. This chapter, ch. 632 and the health insurance mandates under ch. 632 that apply to the plan under subch. II of ch. 635 do not apply to annuities or group policies or annuities that are provided on a basis as uniform nationally as state statutes permit to educational, scientific research, religious or charitable institutions organized without profit to any person, for the benefit of employes of such institutions. The commissioner may by order subject such contracts issued by a particular insurer to this chapter, ch. 632 or the health insurance mandates under ch. 632 that apply to the plan under subch. II of ch. 635 or any portion of those provisions upon a finding, after a hearing, that the interests of Wisconsin insureds or creditors or the public of this state so require.

SB256,2,9 (End)