SB  47-LIFE INSURANCE/ANNUITY EXEMPTIONS                                                                        
                                                                                                                                
1:56:00 PM                                                                                                                    
VICE  CHAIR  GIESSEL reconvened  the  meeting  and announced  the                                                               
consideration of  SB 47. "An Act relating to exemptions  for cash                                                             
surrender  values, accrued  dividends,  and loan  values of  life                                                               
insurance and annuity contracts."                                                                                               
                                                                                                                                
1:56:25 PM                                                                                                                    
GERMAN BAQUERO, Intern,  Senator John Coghill, sponsor  of SB 47,                                                               
reminded  the   committee  that  this  legislation   removes  the                                                               
$500,000 limit  on the exemption  from attachment  or garnishment                                                               
for life insurance and annuity contracts under AS 09.38.025(a).                                                                 
                                                                                                                                
SENATOR MEYER asked what implication  this has for someone trying                                                               
to avoid repaying their debt.                                                                                                   
                                                                                                                                
MR.  BAQUERO replied  this legislation  does  nothing to  prevent                                                               
creditors  from obtaining  restitution.  It  simply removes  life                                                               
insurance from the  list of things that are can  be garnished. He                                                               
noted that AS  09.30.065 lists property that can  be garnished by                                                               
a creditor.                                                                                                                     
                                                                                                                                
1:59:23 PM                                                                                                                    
VICE CHAIR GIESSEL found no public testimony and closed it.                                                                     
                                                                                                                                
1:59:45 PM                                                                                                                    
SENATOR  MEYER  motioned to  report  SB  47 from  committee  with                                                               
individual recommendations and attached zero fiscal note.                                                                       
                                                                                                                                
VICE  CHAIR  GIESSEL  announced that  without  objection  SB  47,                                                               
labeled  LS-290336\A,  is  reported  from the  Senate  Labor  and                                                               
Commerce Standing Committee.