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:
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.
Actions Required for Exemption:
A charity that meets the above mentioned requirements is authorized to issue charitable gift annuities.
Disclosure and Agreement Content Requirements:
Links to State Regulations Pages: