HB 664 - This act repeals and reenacts certain sections regarding charitable gift annuities which were held unconstitutional on the grounds that the original bill contained more than one subject and other title defects in St. Louis Health Care Network v. State of Missouri, 968 S.W.2d 145 (Mo. banc 1998).

The act also requires any not for profit organization issuing a charitable gift annuity to notify the Department of Insurance in writing of its first qualified charitable gift annuity agreement. The notice must be signed by an officer or director of the organization; identify the organization; and certify that the organization is a qualified organization and that the annuities issued by the organization are qualified charitable gift annuities.

The act requires any organization issuing a qualified charitable gift annuity to notify the donor that the annuity agreement is not insurance under the laws of Missouri and that the charitable gift annuity is not subject to regulation by the Department of Insurance. This act specifically states that the issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in Missouri.

Under this act, the Department of Insurance may enforce the notice provisions of this act by fining the organization up to $1000 per qualified charitable gift annuity agreement.
STEPHEN WITTE