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Nevada

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under Nevada Revised Statutes, Sections 688A.281 through 688A.285.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
  • have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the assets transferred for the annuity gift
  • provide notice to the Division of Insurance
  • not pay compensation that is contingent upon the issuance of the annuity or based upon the value of the annuity, other than a payment for reinsurance to an insurer licensed to issue insurance in Nevada (the definition of a qualified gift annuity specifically excludes an annuity for which a commission is paid)

Actions Required for Exemption:

A charity must file notice with the Nevada Division of Insurance within 90 days of issuing its first annuity in the state, certifying that it is a charitable organization and that the annuities it issues are qualified charitable gift annuities under IRC Secs. 501(m)(5) and 514(c)(5).  The notice must be signed by an officer or director of the organization, identify the organization and certify that it is a charitable organization and that the annuities are qualified charitable gift annuities.   

Disclosure and Agreement Content Requirements:

A charity is required to include a notice to donor in the annuity agreement, in a separate paragraph and using print size no smaller than that generally used in the rest of the agreement.

Suggested Language for State Disclosure: “A charitable gift annuity is not insurance under the laws of Nevada and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association.”

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

Enforcement may be made by demand letter sent via certified mail. Failure to comply with the terms of the law shall permit the Commissioner to assess a fine of up to $1,000 for each annuity issued until the charity complies.

Links to State Regulations Pages:

Nevada Revised Statutes, Sections 688A.281 through 688A.285

State Contact:

** As of February 26, 2016, filings are only being accepted via email.
Nanci Hoffman
Phone# 775-687-0737
E-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

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