Degree of Regulation
Charitable gift annuities issued by qualified organizations are not subject to regulation under Maine Insurance Code, under Title 24-A, Section 3 of the Maine Revised Statutes.
- Organization exempt from federal income tax
- Years of operation - five years (or be a successor to a qualifying organization such that the combined operating years of the two organizations is at least five years)
- Incorporated in Maine or qualified foreign corporation
- Registration w/ other state agency - foreign corporation must file with Secretary of State.