Degree of Regulation
Under Section 304.1-120 of the Kentucky Revised Statutes, charitable gift annuities are exempt from insurance regulation. State law grants a “blanket exemption” from regulation of charitable gift annuities.
- Organization exempt from federal income tax and file a Form 990 (unless a Sec. 501(c)(3) religious organization)
- Or a publicly owned or nonprofit privately endowed educational institution approved or licensed by the Kentucky Board of Education, the Southern Association of Colleges and Schools or the equivalent