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Connecticut

Regulation of Charitable Gift Annuities

Degree of Regulation:

Charitable gift annuities are exempt from state insurance regulation under Connecticut General Statutes Sections 38a-1030 to 38a-1034.

  • Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
  • Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excludes counting the annuity gift)

Actions Required for Exemption:

Charities are required to provide notification to the Connecticut Insurance Commissioner by the date in which they issue their first annuity.

Disclosure and Agreement Content Requirements:

A charity is required to notify its donors in writing (in a separate paragraph of the agreement, using print no smaller than that generally used in rest of agreement) that the gift annuity is a qualified charitable gift annuity, is not insurance, and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association.

Suggested Language for State Disclosure:  "A charitable gift annuity is not insurance under the laws of Connecticut 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: 

Failure to qualify and comply with the Connecticut Statute Sec. 38a-1034, shall permit the Connecticut Insurance Commissioner to fine the charity up to $1,000 per agreement until it does comply.

Links to State Regulations Pages:

Connecticut General Statutes Sections 38a-1030 to 38a-1034

Insurance Department Contact Information:

Vanessa Medina
Legal Department
Connecticut Insurance Department
PO Box 816
Hartford, CT 06142-0816
(860) 297-3804
This email address is being protected from spambots. You need JavaScript enabled to view it.

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