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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.

West Virginia

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under West Virginia Code Section 33-13B-1-6.

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 (or be a successor or affiliate of a charitable organization that has been in continuous operation for three years).
  • have a minimum of $300,000 in unrestricted cash, cash equivalents, or publicly-traded securities, exclusive of the assets funding the annuity agreements
  • provide notice to the Office of the Insurance Commissioner

Actions Required for Exemption:

A charity must file notice with the Office of the Insurance Commissioner by the date on which the charity enters into its first charitable gift annuity agreement in the state. The notice must identify the organization, be signed by an officer or director and certify that the organization is a charitable organization issuing a qualified gift annuity.

Disclosure and Agreement Content Requirements:

Specific disclosure language must be included in each gift annuity agreement, in a separate paragraph and in a type size no smaller than that used in the rest of the agreement.

Suggested Language for State Disclosure:  “A qualified charitable gift annuity is not insurance under the laws of West Virginia, is not subject to regulation by the West Virginia Insurance Commissioner, and is not protected by the West Virginia life and health insurance guaranty association established in article 26A, chapter 33 of the West Virginia Code or by any other guaranty association established by the West Virginia Code.”

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

Failure to comply with the terms of the law shall permit the Commissioner to assess, after notice and hearing, a fine of up to $1,000 for each annuity issued until the charity does comply.

Links to State Regulations Pages:

West Virginia Code Section 33-13B-1-6

West Virginia Insurance Department Contact Information:

Cristy Dunlap, CAP, MOS
Data Analyst I
WV Offices of the Insurance Commissioner
Financial Conditions Division
PO Box 50540
Charleston, WV 25305-0540
(304) 558-2100

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