CONFERENCE COMMITTEE REP. NO. 17
Honolulu, Hawaii
, 2005
RE: S.B. No. 693
S.D. 1
H.D. 1
C.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Sir:
Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 693, S.D. 1, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO CHARITABLE GIFT ANNUITIES,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this measure is to facilitate fundraising through the use of charitable gift annuities by clarifying and streamlining the requirements governing nonprofit organizations.
This measure:
(1) Requires a nonprofit educational foundation or nonprofit organization that issues charitable gift annuities:
(a) To calculate its reserves in accordance with mortality tables and discount rates to be determined by the Insurance Commissioner, rather than in accordance with accepted actuarial standards; and
(b) To file its annual compliance statement with the Attorney General by March 15th of each year; and
(2) Provides that, in determining the appropriate reserve level, no surplus shall be required for any portion of a gift annuity that is reinsured by an authorized insurer.
Your Committee on Conference has amended this measure by retaining language in section 431:1-204(c)(1), Hawaii Revised Statutes, that requires a qualifying charity to have conducted business in the State continuously for at least ten years, and by adding language therein to clarify that the business conducted shall have been in the form of program services or fundraising activities.
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 693, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 693, S.D. 1, H.D. 1, C.D. 1.
Respectfully submitted on behalf of the managers:
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ON THE PART OF THE HOUSE |
ON THE PART OF THE SENATE |
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____________________________ Kenneth Hiraki, Co-Chair |
____________________________ Ron Menor, Chair |
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____________________________ Sylvia Luke, Co-Chair |
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