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Simmons Endowment Fund

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The Terry L. Simmons Philanthropic Endowment Fund will provide scholarships to worthy individuals who would otherwise be unable to attend the Conference on Gift Annuities.

 

Michigan

Regulation of Charitable Gift Annuities

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.

Actions Required for Exemption:

None

Disclosure and Agreement Content Requirements:

None

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

None

Links to State Regulations Pages:

Attorney General Opinion (Opinion No. 6538)

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