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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.

Virginia

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia.

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:

None

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.”

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

None specifically stated.

Links to State Regulations Pages:

Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia

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