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New Mexico

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under New Mexico Statutes Annotated, Section 59A-1-16.1.

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  a fund balance (assets in excess of liabilities) of at least $300,000, or unencumbered assets in its gift annuity fund (not counting reserves) of at least $300,000
  • provide notice to the Insurance Division

Actions Required for Exemption:  

A charity must file notice to the New Mexico Insurance Division by the date of issuing its first annuity in the state. The notice must be signed by an officer or director of the charity, identify the organization, and certify that the organization is a charitable organization and the annuities issued are qualified charitable gift annuities.

Disclosure and Agreement Content Language Requirements:

The charity must include a disclosure statement in the gift annuity agreement, in a separate paragraph, using print no smaller than that generally used in rest of agreement.

Suggested Language for State Disclosure: “A charitable gift annuity is not insurance under the laws of New Mexico and is not subject to regulation by the New Mexico Insurance Division or protected by a guaranty association affiliated with the division.”

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

Enforcement may be made by demand letter sent via certified mail.

Links to State Regulations Pages:

New Mexico Statutes Annotated, Section 59A-1-16.1

Contact:

Christine Baca
Bureau Chief
New Mexico Public Regulation Commission
Insurance Division
Life and Health Bureau
Policy Form and Rate Filing Section
P.O. Box 1269
Santa Fe, NM 87504-1269
(505) 827-4241

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