Degree of Regulation
Michigan Code does not address exemption of charitable gift annuities from insurance regulation. However, Attorney General Opinion (Opinion No. 6538) held that a gift annuity program proposed by the Michigan State University Foundation was not subject to regulation under the Insurance Code. In addition, the Attorney General stated that regulation would not be imposed unless issuance of annuities became the chief purpose of the foundation. The office of the Commissioner of Insurance views the opinion as applying to any legitimate charity.