Banking, Insurance, and Financial Services

Suggested State Legislation: The Uniform Prudent Management of Institutional Funds Act (UPMIFA) provides states a modern law for charitable funds and endowment spending which were operating in most jurisdictions under the 1972 Uniform Management of Institutional Funds Act (UMIFA). UPMIFA provides modern articulations of the prudence standards for the management and investment of charitable funds and for endowment spending.

Sugggested State Legislation:This Act directs that in recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of insurance transactions, the insurance producer, or the insurer when no producer is involved, must have reasonable grounds for believing that the recommendation is suitable for the consumer on the basis of the facts disclosed by the consumer as to the consumer’s investments and other insurance products and as to the consumer’s financial situation and needs.

BE IT THEREFORE RESOLVED, that The Council of State Governments supports and encourages state actions to preserve the pre-eminence of state insurance systems and seeks to educate state elected officials on the potential ramifications of a bifurcated scheme on consumers and state revenues.
 

CSG South

This report was prepared for The Council of State Governments Financial Services Working Group by Dwight V. Denison, Merl M. Hackbart, Juita-Eleana (Wie) Yusuf, and Jay H. Song of the University of Kentucky's Martin School for Public Policy and Administration.

Rapidly expanding proportions of retail- and business-related payments, traditionally made by cash and check, are now being made electronically through Automated Clearing House (ACH) or using credit or debit cards. Increasingly, the shift to electronic payments is also occurring in the public sector. The principal purpose of this study was to determine current state government acceptance and use of electronic tax and fee payments. Related purposes included an analysis of policies and procedures implemented by the states to more effectively facilitate and manage electronic payment processes.

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