OLR BILL ANALYSIS
AN ACT EXEMPTING CERTAIN ASSOCIATIONS FROM THE INSURANCE STATUTES.
This bill exempts Internal Revenue Code § 501(c) (23) tax-exempt organizations from all Connecticut insurance laws from July 1, 2012 to July 1, 2015.
EFFECTIVE DATE: July 1, 2012
To be tax-exempt under Internal Revenue Code § 501(c) (23), an organization must:
1. have a principal purpose of providing insurance and other benefits to veterans or their dependents.
2. have more than 75% of its members be past or present members of the U. S. Armed Forces; and
3. be an association organized before 1880;
Insurance and Real Estate Committee
Joint Favorable Substitute