State Regulations - Washington & Wisconsin
Two important changes are currently in the works in Washington and Wisconsin:
Legislation is pending in Wisconsin that would eliminate the need for registration with, and annual reporting to, the Office of the Commissioner of Insurance (OCI). The bill (SB 152) has passed the Senate, and awaits action in the Assembly after the legislative session resumes in January. If adopted, in order to issue gift annuities in the state a charity will need to have been in existence for 3 years and include specific disclosure language in the agreement, but will not need to file anything with the OCI. A charity that is currently registered would be required to send notification of the regulatory change to its existing Wisconsin annuitants.
In Washington, the Office of the Insurance Commissioner (OIC) is considering changes to how certain documents are filed. ACGA has participated in a discussion of the proposed new process, and has also submitted written comments to the OIC.