Infomation on ethics, standards, and best practices related to charitable gift annuities.
ACGA Position Paper: Selling Charitable Gift Annuities On Commission
Presented by the American Council on Gift Annuities and the National Committee on Planned Giving
It has come to the attention of the American Council on Gift Annuities (ACGA) that one or more charitable community foundations have been recruiting life insurance agents, securities brokers, financial planners and others to sell charitable gift annuities on commission.
Standardizing the State Regulations of CGAs
The National Association of Insurance Commissioners (NAIC) has approved final drafts of two drafts for state legislatures to choose and adopt to standardize the state regulation of charitable gift annuities (CGAs). The Charitable Gift Annuity Model Act and Charitable Gift Annuity Exemption Model Act language is posted below. Both drafts were approved by the NAIC at its Winter National Meeting in Orlando, Florida on December 7, 1998 and was sent to the 50 state legislatures in early 1999, suggesting that they pass one draft or the other, so that the state regulation of charitable gift annuities will be standardized as to the issuance of Gift Annuity Permits or exemption from regulation.
Federal Disclosure Statement for Gift Annuities
The Philanthropy Protection Act of 1995 (Public Law 104-62) requires the charity to notify all existing donors to a gift annuity fund and then notify all prospective donors to the fund at the time of solicitation, using a letter or pamphlet format. This law became effective 3-6-1996.
Model Standards of Practice for the Charitable Gift Planner
The purpose of this statement is to encourage responsible gift planning by urging the adoption of the following Standards of Practice by all individuals who work in the charitable gift planning process, gift planning officers, fund raising consultants, attorneys, accountants, financial planners, life insurance agents and other financial services professionals (collectively referred to hereafter as "Gift Planners"), and by the institutions that these persons represent.