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Oklahoma

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under the Oklahoma Charitable Gift Annuity Act (Oklahoma Statutes, Title 36, Sections 4071-4082).

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 minimum of $100,000 in unrestricted assets, not including assets comprising the annuities
  • provide notice to the Department of Insurance
  • submit an annual filing to the state
  • be qualified to do business in the state, which may necessitate registration with the Secretary of State (unless exempt from such registration)

Actions Required for Exemption:

A charity must file notice with the Oklahoma Department of Insurance within 90 days of issuing its first qualified gift annuity agreement.  The notice must certify that both the organization and the gift annuities are qualified as defined under the Act.

Disclosure and Agreement Content Requirements:

Disclosure language must be included, not only in the annuity agreements, but in any promotional materials or application forms as well.

Suggested Language for State Disclosure: “A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department.”

Reserve Requirements:

None

Annual Reporting:

The charity must submit a copy of its audited financial statement within 90 days of the date that the charity receives the statement.

Compliance/Enforcement:

Enforcement may be made by demand letter sent via certified mail. Failure to respond to the letter can result in fines from $1,000 to $10,000 until the charity complies. In addition, the Commissioner may also commence action in district court to enjoin violations if the violations are determined to be willful or harmful to the public.

Links to State Regulations:

Oklahoma Statutes, Title 36, Sections 4071-4082

Contact:

DeAnn Robinson
Department of Insurance
3625 NW 56th Street, Suite 100
Oklahoma City, OK 73112
(405) 521-6648

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