NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

The LFC is only preparing FIRs on bills referred to the Senate Finance Committee, the Senate Ways and Means Committee, the House Appropriations and Finance Committee and the House Taxation and Revenue Committee. The chief clerks are responsible for preparing and issuing all other bill analyses.

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(Parenthesis ( ) Indicate Expenditure Decreases)

Duplicates/Conflicts with/Companion to/Relates to

SOURCES OF INFORMATION

Public Regulation Commission (PRC)

SUMMARY

Synopsis of Bill

The bill proposes to exempt charitable gift annuities from regulation by the Insurance Division of the PRC; defines "qualified charitable gift annuities" and provide that their issuance does not constitute engaging in the business of insurance in New Mexico; require charities to disclose to individuals in writing that a qualified charitable gift annuity is not insurance and is not subject to regulation by the PRC or protected by a guaranty association; require any charity that issues qualified charitable gift annuities to notify the Insurance Division of the charity's issuance of gift annuities and to certify that it is a charitable organization and that the annuities it issues are qualified charitable gift annuities (failure to do so does not disqualify a qualified charitable gift annuity); and specify issuance of a qualified charitable gift annuity does not constitute a violation of the Unfair Practices Act.

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