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Illinois

Degree of Regulation

Under Section 215 ILCS 5/121-2.10, issuance of charitable gift annuities is exempt from insurance regulation.

  • Years of operation - 20 years continuous operation
  • Minimum assets - $2 million unrestricted fund balance.  Assets restricted to uses inconsistent with the payment of annuity obligations cannot be counted toward meeting the fund balance requirement. 
  • Reinsurance permitted - the two requirements above are waived if the annuity agreements are reinsured with a commercial insurance company registered to do business in Illinois. 

Links to State Regulations Pages

Illinois Department of Insurance

Jeff Scott
Legislative Liaison
Department of Insurance
320 W Washington St
5th Floor
Springfield IL 62767
Phone: (217) 558-4844
Email: jeffrey.scott@Illinois.gov

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