Subcommittee advances bill strengthening annuity and life‑insurance exemption language
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The House Insurance Subcommittee on March 5 unanimously approved House Bill 1045 and forwarded it to the full Insurance Committee.
Representative Shaw described the bill as clarifying that the net amounts payable under life insurance policies and annuity contracts for an owner’s spouse, children, dependents or relatives remain exempt and that use of exempt funds does not convert them to nonexempt funds. The sponsor characterized the measure as strengthening existing code language rather than creating a new exemption.
Committee members indicated they had discussed the measure previously and that the sponsor had provided clarifying language. The clerk recorded the committee vote as 5 ayes and 0 nays and the bill will proceed to the full Insurance Committee. The transcript does not include statutory citations or fiscal analysis on the record.
Representative Shaw described the bill as clarifying that the net amounts payable under life insurance policies and annuity contracts for an owner’s spouse, children, dependents or relatives remain exempt and that use of exempt funds does not convert them to nonexempt funds. The sponsor characterized the measure as strengthening existing code language rather than creating a new exemption.
Committee members indicated they had discussed the measure previously and that the sponsor had provided clarifying language. The clerk recorded the committee vote as 5 ayes and 0 nays and the bill will proceed to the full Insurance Committee. The transcript does not include statutory citations or fiscal analysis on the record.
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