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Wisconsin's CGA Law

Important change to Wisconsin law regarding issuance of gift annuities, effective April 18, 2014, including removal of registration and on-going reporting requirements and addition of specific disclosure and notice requirements.  Click here for more info.

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Simmons Endowment Fund

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The Terry L. Simmons Philanthropic Endowment Fund will provide scholarships to worthy individuals who would otherwise be unable to attend the Conference on Gift Annuities.

 

While every effort is made to provide accurate data, neither any persons named in these pages nor the American Council on Gift Annuities guarantees the accuracy of the data presented here.

The user of this information is solely responsible for determining and verifying the accuracy of the data presented here and how it is used by the reader. This information is provided solely as a resource.

This information is supplied by the ACGA State Regulations Committee.

Oregon

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under Oregon Revised Statutes 731.038.

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 five years (or be the successor or affiliate of an organization in operation for that period of time)
  • have a minimum of $300,000 in net assets as shown by an annual audited financial statement by an independent certified public accountant (CPA);
  • maintain gift annuity reserves invested in accordance with the prudent investor standard

A charity that held a certificate of authority from the Oregon Insurance Department under the state’s prior gift annuity law (which was in effect through December 31, 2005) may continue to issue annuity agreements, even if it does NOT have $300,000 in net assets or has been in continuous operation for five years.

Actions Required for Exemption:

No filing with a state agency is required.

Disclosure and Agreement Content Requirements:

A charity shall disclose in writing to each donor and annuitant, that the annuity is (1) not issued by an insurance company, (2) is not subject to regulation by the state of Oregon or (3) protected by an insurance guaranty association.

These requirements can be met by placing such disclosure wording in the charitable gift annuity agreement.

Suggested Disclosure Language:  This charitable gift annuity is not issued by an insurance company, is not subject to regulation by the State of Oregon, and is not protected by an insurance guaranty association.

Reserve Requirements:

A charity must maintain reserves in a separate, distinct trust fund, adequate to meet future payments under all outstanding annuity agreements.  The reserves are to be calculated with standard valuation based on current mortality tables and an interest rate recommended by a qualifying national organization.  Reinsurance is permissible provided that the insurer is authorized in the state in which the charity has its principal office and the state in which the annuity is issued. 

Annual Reporting:

None

Compliance/Enforcement:

None specifically stated.

Links to State Regulations Pages:

Oregon Revised Statutes 731.038

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