Regulation of Charitable Gift Annuities
Degree of Regulation:
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
- have at least $100,000 in cash, cash equivalents, or publicly-traded securities, not including the assets contributed for annuities
Actions Required for Exemption:
Disclosure and Agreement Content Requirements:
Specific disclosure language must be included in each gift annuity agreement.
Suggested Language for State Disclosure: “This charitable gift annuity is not insurance under the laws of the Commonwealth of Virginia and is neither subject to regulation by the Insurance Commission nor protected by the Virginia Life, Accident and Sickness Insurance Guaranty Association.”
None specifically stated.
Links to State Regulations Pages: