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.
Regulation of Charitable Gift Annuities
Degree of Regulation:
Charitable gift annuities are exempt from state insurance regulation under Connecticut General Statutes Sections 38a-1030 to 38a-1034.
- Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
- Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excludes counting the annuity gift)
Actions Required for Exemption:
Charities are required to provide notification to the Connecticut Insurance Commissioner by the date in which they issue their first annuity.
Disclosure and Agreement Content Requirements:
A charity is required to notify its donors in writing (in a separate paragraph of the agreement, using print no smaller than that generally used in rest of agreement) that the gift annuity is a qualified charitable gift annuity, is not insurance, and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association.
Suggested Language for State Disclosure: "A charitable gift annuity is not insurance under the laws of Connecticut and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association."
Failure to qualify and comply with the Connecticut Statute Sec. 38a-1034, shall permit the Connecticut Insurance Commissioner to fine the charity up to $1,000 per agreement until it does comply.
Links to State Regulations Pages:
Insurance Department Contact Information:
Connecticut Insurance Department
PO Box 816
Hartford, CT 06142-0816