Degree of Regulation
Under Section 215 ILCS 5/121-2.10, issuance of charitable gift annuities is exempt from insurance regulation.
- Years of operation - 20 years continuous operation
- Minimum assets - $2 million unrestricted fund balance. Assets restricted to uses inconsistent with the payment of annuity obligations cannot be counted toward meeting the fund balance requirement.
- Reinsurance permitted - the two requirements above are waived if the annuity agreements are reinsured with a commercial insurance company registered to do business in Illinois.
Links to State Regulations Pages
Illinois Department of Insurance
Department of Insurance
320 W Washington St
Springfield IL 62767
Phone: (217) 558-4844