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NOTE: 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.

State Regulations

State Agents

We depend on tips from our colleagues throughout the country to help keep us informed of updates or changes to the state regulations.  If you have updates regarding legislation in a state, please send us an email.

Please sign up to be a state agent for our State Regulations Committee, so you can alert us to regulatory or legislative happenings (and be our “go-to” person) in your state. YOU are our best source of intelligence.  To become an agent for the ACGA State Regulations Committee, please complete this form.

 

Click on a state below or choose a state from the list to view the state regulations. 

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Alabama

Degree of Regulation

Issuance of charitable gift annuities is regulated under Code of Alabama Section 8-6-10(8).

  • Gift annuity-specific registration - file application with state Securities Commissioner. 
  • Reserve fund - required. 
  • Annual reporting - required. 

Links to State Regulations Pages

Insurance Department Contact Information

Lisa M. Tolar and Bene Kyles
Securities Registration Manager
Licensing and Registration
Alabama Securities Commission
401 Adams Avenue, Suite 280
Montgomery, AL 36130
Phone: (334) 242-2984, Toll Free: (800) 222-1253
Fax: (334) 242-0240
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Alaska

Degree of Regulation

Issuance of charitable gift annuities is regulated under Alaska Statutes Section 21.03.070 and 21.03.021.

  • 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 (excluding gift annuity funding assets)
  • Notification required

Links to State Regulations Pages

Insurance Department Contact Information

Janice Stamper
Insurance Financial Examiner
Department of Community and Economic Development
Division of Insurance
550 West 7th Avenue, #1560
Anchorage, AK 99501-3567

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Arizona

Degree of Regulation

Issuance of charitable gift annuities is regulated under Arizona Revised Statutes Section 20-103 and Arizona Revised Statutes Section 20-119.

  • Years of operation - three years continuous operation (or successor or affiliate of organization in operation for that time period)
  • Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excludes CGA funding assets)
  • Audited financial statements - for the two years prior to entering into CGA agreement
  • Commissions not permitted - no compensation to anyone contingent on the donation or amount of the gift annuity (excludes regular compensation paid by the charity to its employees).

Links to State Regulations Pages

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Arkansas

Degree of Regulation:

Issuance of charitable gift annuities is regulated under Arkansas Code Section 23-63-201(d) and Rule 90.

  • Years of operation - five years continuous operation (or affiliation with an organization in existence for that time with sufficient management expertise available. 
  • Gift annuity-specific registration - required
  • Reserve fund/investment restrictions - segregated reserve fund required; prudent investor standard
  • Annual reporting - required
  • Board resolution - required authorizing creation of a gift annuity fund

Links to State Regulations Pages:

Insurance Department Contact Information

Mail applications to:

Insurance Commissioner of the State of Arkansas
1200 West Third Street
Little Rock, AR 72201-1904
Attn: Finance Division

Address questions to:

Kimberly Johnson, PIR
Insurance Examiner 
Arkansas Insurance Department 
1200 West Third Street
Little Rock, AR 72201-1904 
501-371-2680
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California

Degree of Regulation

Issuance of gift annuities is regulated under California Insurance Code Sections 11520-11524.

  • Years of operation – 10 years active operation
  • Gift annuity-specific registration – submit detailed application
  • Reserve fund/investment restrictions – segregated reserve fund required; investment restrictions
  • Board resolution – required
  • Annual and Quarterly reporting - required

Links to State Regulations Pages

Insurance Department Contact Information

Gayle Freidson, Attorney III
California Department of Insurance
45 Fremont Street, 24th Floor
San Francisco, CA 94105
Phone: 415) 538-4418
Phone: (800) 967-9331
Fax: (415) 904-5729
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Connecticut

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)

Links to State Regulations Pages

Insurance Department Contact Information

Vanessa Medina
Legal Department
Connecticut Insurance Department
PO Box 816
Hartford, CT 06142-0816
(860) 297-3804
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Delaware

Degree of Regulation

State law does not specifically address Charitable Gift Annuities. Legal advice is recommended.

District of Columbia

Degree of Regulation

State law does not specifically address Charitable Gift Annuities. Legal advice is recommended.

Florida

Degree of Regulation

Issuance of charitable gift annuities is regulated under Section 627.481 of the Florida Statutes.

A charity must have been in continuous operation for at least five years. A segregated reserve fund is required.

  • Years of operation – five years continuous operation.
  • Reserve fund – segregated reserve fund required.
  • Annual reporting – sworn statement required.
  • Rates must be calculated to provide 50% of the residuum to charity (ACGA Rates satisfy this)

Links to State Regulations Pages

Insurance Department Contact Information

Office of Insurance Regulation
Bureau of Specialty Insurers
200 East Gaines Street
Tallahassee, FL 32399-0331
Phone: (850) 413-3144

Florida Department of Agriculture and Consumer Services
Solicitation of Contributions
P.O. Box 6700
Tallahassee, FL 32399-6700
(800) 435-7352 Calling from Florida 
(850) 488-2221 Calling from outside of Florida
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Florida Department of State
New Filing Section, Division of Corporations
PO Box 6327
Tallahassee, FL 32341
(805) 245-6052
also
2661 Executive Center Circle
Tallahassee, FL 32301

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Georgia

Degree of Regulation

Under Official Code of Georgia Annotated Sections 33-58-1 to 33-58-6, charitable gift annuities are exempt from regulation as an insurance company.

  • 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, not counting the annuity gift.
  • submit an annual filing to the state

Links to State Regulations Pages

Insurance Department Contact Information

Mr. Scott Sanders
Insurance and Financial Oversight Division
Georgia Dept. of Insurance
902 West Tower
2 Martin Luther King, Jr. Drive 
Atlanta, GA  30334
Phone: 404-657-7742

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Hawaii

Degree of Regulation

Issuance of charitable gift annuities is regulated under Hawaii Revised Statutes Section 431:1-204.

  • Minimum assets - $200,000 in cash, cash equivalents or publicly-traded securities in HI.
  • In state activity - continuous operation (program services or fundraising activity) in Hawaii for at least 10 years
  • Reserve fund – segregated reserve fund required.

Links to State Regulations Pages

Insurance Department Contact Information

Paul Yuen
Supervising Attorney
State of Hawaii Insurance Division
Department of Commerce and
Consumer Affairs
P.O. Box 3614
Honolulu, HI 96811
Phone: (808) 586-2790
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Idaho

Degree of Regulation

Under Idaho Code Sections 41-114 and 41-120, issuers of qualified charitable gift annuities are exempt from complying with the Idaho Insurance Code.

  • 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 - $100,000 in available unrestricted assets (cash, cash equivalents or publicly traded securities exclusive of the assets funding the annuity agreement and adjusted for inflation).

Links to State Regulations Pages

Insurance Department Contact Information

Carol Anderson
Examinations Section
Idaho Department of Insurance
700 West State Street
P.O. Box 83720
Boise, ID 83720-0043
Phone: (208) 334-4309
Fax: (208) 334-4398

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Illinois

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

Jeff Scott
Legislative Liaison
Department of Insurance
320 W Washington St
5th Floor
Springfield IL 62767
Phone: (217) 558-4844
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Indiana

Degree of Regulation

Indiana Code Section 27-1-12.4-2 exempts charitable gift annuities from regulation by the Department of Insurance.

Links to State Regulations Pages

Indiana Department Of Insurance

This email address is being protected from spambots. You need JavaScript enabled to view it.
800-622-4461
Dr. Mihir Nag
317-232-2420
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Iowa

Degree of Regulation

Gift annuities are regulated under State of Iowa Laws Section 508F.1 through 508F.8.

  • 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 - the lesser of $300,000 or five times the face value of total outstanding gift annuities in unrestricted cash, cash equivalents or publicly traded securities, not including the gift annuity funding assets

Links to State Regulations Pages

Insurance Department Contact Information

James Thornton or Wayne Lecher
Product and Producer Regulation
Iowa Insurance Division
330 Maple Street
Des Moines, IA 50319-0065
Voice: (515) 281-4271
Fax: (515) 281-3059

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Kentucky

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

Links to State Regulations Pages

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Maine

Degree of Regulation

Charitable gift annuities issued by qualified organizations are not subject to regulation under Maine Insurance Code, under Title 24-A, Section 3 of the Maine Revised Statutes.

  • Organization exempt from federal income tax
  • Years of operation - five years (or be a successor to a qualifying organization such that the combined operating years of the two organizations is at least five years)
  • Incorporated in Maine or qualified foreign corporation
  • Registration w/ other state agency - foreign corporation must file with Secretary of State.

Links to State Regulations Pages

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Maryland

Degree of Regulation

Issuance of charitable gift annuities is regulated under Maryland Insurance Code Sec. 16-114

  • In-state activity - charity must provide proof of activity in the state for 10 years
  • Reserve fund - segregated reserve fund required; prudent investor rule

Links to State Regulations Pages

Insurance Department Contact Information

Devin Rhoad
Supervisor, Life, Credit and Annuity
Maryland Insurance Administration
Life and Health Section
200 St. Paul Place, Suite 2700
Baltimore, MD 21202-2004
Phone: (410) 468-2170
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Michigan

Degree of Regulation

Michigan Code does not address exemption of charitable gift annuities from insurance regulation. However, Attorney General Opinion (Opinion No. 6538) held that a gift annuity program proposed by the Michigan State University Foundation was not subject to regulation under the Insurance Code. In addition, the Attorney General stated that regulation would not be imposed unless issuance of annuities became the chief purpose of the foundation. The office of the Commissioner of Insurance views the opinion as applying to any legitimate charity.

Links to State Regulations Pages

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Mississippi

Degree of Regulation

Charitable Gift Annuities are exempt from insurance regulation under Mississippi Code Sections 79-11-651 through 79-11-661.

  • Years of operation - three years of 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, exclusive of the assets funding the gift annuity agreement.
  • Be registered for charitable solicitation with the Mississippi Secretary of State (unless exempt from such registration).

Links to State Regulations Pages

Insurance Department Contact Information

Tanya Webber
Assistant Secretary of State for Charities
Charities Division
Mississippi Secretary of State
P.O. Box 136
Jackson, MS 39205
(601) 359-6742

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Missouri

Degree of Regulation

Charitable gift annuities are exempt from insurance regulation by the State of Missouri Laws Sections 352.500 - 352.520

  • 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 - $100,000 in unrestricted cash, cash equivalents or publicly traded securities (exclusive of the assets funding the annuity agreement). 
  • Organization exempt from federal income tax

Links to State Regulations Pages

Insurance Department Contact Information

Lillian Overbey
Insurance Regulatory Manager
Company Regulation Division
Missouri Department of Insurance
301 W High Street, Suite 530
P.O. Box 690
Jefferson City MO 65102
Phone : 573-526-1589

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Montana

Degree of Regulation

Gift Annuities are exempted from state regulation under Montana Code Annotated, Sections 33-20-701 through 33-20-705.

  • 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 net worth or at least $100,000 in unrestricted cash, cash equivalents or marketable securities, exclusive of the assets funding the gift annuity agreement. 
  • Reserve fund - segregated reserve required.
  • Reinsurance permitted - the above requirements are waived if the charity commercially reinsures its gift annuities by a licensed insurance company qualified to do business in Montana.

Links to State Regulations Pages

Insurance Department Contact Information

Michelle Scaccia
Examiner Office of the Commissioner of Securities and Insurance
Montana State Auditor’s Office
840 Helena Avenue Helena, MT 59604
(406) 444-4515

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Nebraska

Degree of Regulation

Issuance of charitable gift annuities is regulated under Nebraska’s Charitable Gift Annuity Act, Revised Statutes of Nebraska, Sections 59-1801 to 59-1803.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirement:

  • have been in continuous operation for at least three years.

Links to State Regulations Pages

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Nevada

Degree of Regulation

Issuance of charitable gift annuities is regulated under Nevada Revised Statutes, Sections 688A.281 through 688A.285.

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 the successor or affiliate of an organization in operation for that period of time)
  • have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the assets transferred for the annuity gift
  • provide notice to the Division of Insurance
  • not pay compensation that is contingent upon the issuance of the annuity or based upon the value of the annuity, other than a payment for reinsurance to an insurer licensed to issue insurance in Nevada (the definition of a qualified gift annuity specifically excludes an annuity for which a commission is paid)

Links to State Regulations Pages

State Contact

** As of February 26, 2016, filings are only being accepted via email.
Nanci Hoffman
Phone# 775-687-0737
E-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

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New Hampshire

Degree of Regulation

Issuance of charitable gift annuities is regulated under Chapter 403-E of New Hampshire Revised Statutes Annotated.

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 the successor or affiliate of an organization in operation for that period of time)
  • have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the assets transferred for the annuity gift
  • provide notice to the New Hampshire Department of Justice
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state
  • be registered as a charitable organization with the New Hampshire Department of Justice (unless exempt from such registration)
  • offer annuity rates that do not exceed the rates suggested by the ACGA at the time the annuity is issued

Links to State Regulations Pages

Department of Justice Contact

Audrey Blodgett
New Hampshire Department of Justice
Charitable Trusts Unit
33 Capitol Street
Concord, NH 03301
(603) 271-3591

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New Jersey

Degree of Regulation

Issuance of charitable gift annuities is regulated under New Jersey State Statutes Annotated Section 17B:17-13.1.

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 ten years
  • obtain a permit from the Department of Banking and Insurance
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state
  • adopt a board resolution referencing applicable state statutory provisions
  • be registered for charitable solicitation with the New Jersey Department of Law and Public Safety and to do business in the state with the New Jersey Division of Revenue (unless exempt from such registrations)

 

Links to State Regulations Pages

New Jersey Insurance Department Contact Information

June A. Duggan
Department of Banking & Insurance
Office of Solvency Regulation
8th Floor
20 West State Street
P.O. Box 325
Trenton, NJ 08625-0325
phone: 609-292-5350 ext. 50326
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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New Mexico

Degree of Regulation

Issuance of charitable gift annuities is regulated under New Mexico Statutes Annotated, Section 59A-1-16.1.

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 the successor or affiliate of an organization in operation for that period of time)
  • have  a fund balance (assets in excess of liabilities) of at least $300,000, or unencumbered assets in its gift annuity fund (not counting reserves) of at least $300,000
  • provide notice to the Insurance Division

Links to State Regulations Pages

Public regulation Commission Contact

Christine Baca
Bureau Chief
New Mexico Public Regulation Commission
Insurance Division
Life and Health Bureau
Policy Form and Rate Filing Section
P.O. Box 1269
Santa Fe, NM 87504-1269
(505) 827-4241

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New York

Degree of Regulation

Issuance of charitable gift annuities is regulated under New York State Insurance Law Section 1110

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 ten years
  • obtain a permit from the Insurance Department
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state
  • adopt a board resolution referencing applicable state statutory provisions

Links to State Regulations Pages

Additional Information

  • ACGA Collaborates with New York Insurance Department to Reach Compromise on New Reserve Requirements for Charities That Issue Gift Annuities in New York - Click Here
  • Further clarification on calculating required assets in the case of a charity that applies for a certificate of exemption rather than a permit in New York - Click Here

New York Insurance Department Contact Information

George Brady
New York State Department of Financial Services
Life Bureau
One State Street
New York, NY  10004
Phone: (212) 480-4911
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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North Carolina

Degree of Regulation

Issuance of charitable gift annuities is regulated under General Statutes of North Carolina Section 58-3-6.

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 the successor or affiliate of an organization in operation for that period of time)
  • have at least $100,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets contributed by the donor for the annuity agreement.
  • provide notice to the Department of Insurance

Links to State Regulations Pages

Department of Insurance Contact

Cara Shackelford Senior Policy and Rate Analyst
Life & Health Division
North Carolina Department of Insurance
1201 Mail Services Center
Raleigh, NC 27699-1201
(919) 807-6064

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North Dakota

Degree of Regulation

Issuance of charitable gift annuities is regulated under the State Century Code Sections 26.1-34.1-01.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • apply for a certificate of exemption from the Insurance Department
  • maintain gift annuity reserves
  • submit an annual filing to the state

Links to State Regulations

North Dakota Insurance Department Contact Information

Yvonne Keniston
Company Licensing Specialist
North Dakota Insurance Department
600 East Boulevard, Dept. 401
Bismarck, ND 58505-0320
(701) 328-3328
(800) 247-0560

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Ohio

Degree of Regulation

Ohio law does not specifically address charitable gift annuities. In one case, Transgenstein v. Board of Trustees of Wheaton College, 96 Ohio St. 3d 1525 (2002), the appellate court found that gift annuities do not constitute “transacting the business of life insurance” in the Ohio.  Because no further guidance is available, legal advice is recommended for the issuance of gift annuities in this state.

Oklahoma

Degree of Regulation

Issuance of charitable gift annuities is regulated under the Oklahoma Charitable Gift Annuity Act (Oklahoma Statutes, Title 36, Sections 4071-4082).

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 the successor or affiliate of an organization in operation for that period of time)
  • have a minimum of $100,000 in unrestricted assets, not including assets comprising the annuities
  • provide notice to the Department of Insurance
  • submit an annual filing to the state
  • be qualified to do business in the state, which may necessitate registration with the Secretary of State (unless exempt from such registration)

Links to State Regulations

Departmentof Insurance Contact Information

DeAnn Robinson
Department of Insurance
3625 NW 56th Street, Suite 100
Oklahoma City, OK 73112
(405) 521-6648

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Oregon

Degree of Regulation

Issuance of charitable gift annuities is regulated under Oregon Revised Statutes 731.038.

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 five years (or be the successor or affiliate of an organization in operation for that period of time)
  • have a minimum of $300,000 in net assets as shown by an annual audited financial statement by an independent certified public accountant (CPA);
  • maintain gift annuity reserves invested in accordance with the prudent investor standard

A charity that held a certificate of authority from the Oregon Insurance Department under the state’s prior gift annuity law (which was in effect through December 31, 2005) may continue to issue annuity agreements, even if it does NOT have $300,000 in net assets or has been in continuous operation for five years.

Links to State Regulations Pages

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Pennsylvania

Degree of Regulation

Issuance of charitable gift annuities is regulated under Pennsylvania Statutes, Title 10, Sections 361-364.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
  • have unrestricted assets of at least $100,000
  • maintain gift annuity reserves
  • be registered for charitable solicitation with the Pennsylvania Department of State (unless exempt from such registration; see paragraph 6, option 3 in the disclosure language below)

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Rhode Island

Degree of Regulation

State law does not specifically address Charitable Gift Annuities. Legal advice is recommended.

South Dakota

Degree of Regulation

Issuance of charitable gift annuities is regulated under South Dakota Codified Laws Section 58-1-16.

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 10 years
  • have at least $500,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets funding the annuity agreement as of the date of the annuity agreement
  • be a qualified organization (a qualified organization means an organization which is either domiciled in South Dakota and has its principal place of business in South Dakota or is qualified to do business in South Dakota as a foreign corporation, and which is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code as a charitable organization and regularly files a copy of Federal Form 990 in the Office of the Attorney General or is exempt from taxation under Section 501(c)(3) of the Intern Revenue Code as a religious organization or is exempt as a publicly owned or nonprofit, privately endowed educational institution approved, accredited, or licensed by the state board of education, the north central association of colleges and schools, or an equivalent public authority of the jurisdiction where the institution is located.)

Links to State Regulations Pages

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Tennessee

Degree of Regulation

Issuance of charitable gift annuities is regulated under Tennessee Code Annotated, Sections 56-52-101 through 56-52-111.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • obtain a certificate of authority from the Tennessee Insurance Department
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state

Links to State Regulations Pages

Insurance Department Contact Information

James C. Ayers, CPA
Insurance Tax & Licensing Manager
Tennessee Insurance Division
Davy Crockett Tower, 7th Floor
500 James Robertson Parkway
Nashville, TN 37243
p. 615-741-1203
f. 615-532-2788
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Texas

Degree of Regulation

Issuance of charitable gift annuities is regulated under Chapter 102, Texas Insurance Code.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for more than three years
  • have a minimum of $100,000 in cash, cash equivalents, or publicly-traded securities, exclusive of assets funding the annuity agreements
  • provide notice to the Department of Insurance

Links to State Regulations

Department of Insurance Contact Information

Life/Health and HMO Intake Team
Life, Annuity and Credit Program
Life and Health Lines Office
Texas Department of Insurance
MC-106-1E
P.O. Box 149104
Austin, TX 78714-9104
(512) 676-6888
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Vermont

Degree of Regulation

Issuance of charitable gift annuities is regulated under Vermont Statutes Title 9, Chapter 68, Sections 2517 to 2518.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for three years (or be the successor or affiliate of an organization in operation for that period of time)
  • have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, in addition to the assets necessary to fund the charity's outstanding annuity obligations on the date it enters into a gift annuity agreement

Links to State Regulations Pages

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Virginia

Degree of Regulation

Issuance of charitable gift annuities is regulated under Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia.

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
  • have at least $100,000 in cash, cash equivalents, or publicly-traded securities, not including the assets contributed for annuities

Links to State Regulations Pages

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Washington

Degree of Regulation

Issuance of charitable gift annuities is regulated under Revised Code of Washington Chapter 48.38 and Chapter 284-38 WAC In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for three years
  • have $500,000 in unrestricted net assets
  • obtain a certificate of exemption from the Office of Insurance Commissioner.
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state
  • register as a charitable organization with the Washington Secretary of State (unless exempt from such registration)

Links to State Regulations

Washington Insurance Department Contact Information

For Registration: Nina Slocum or Susan Baker (Company Licensing Specialists)
Office of the Insurance Commissioner
P.O. Box 40259
Olympia, WA 98504-0259
Nina Slocum (360) 725-7193 or Susan Baker (360) 725-7232 
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For Financial Filings: Steve Drutz (Senior Financial Analyst) 
Office of the Insurance Commissioner
P.O. Box 40259
Olympia, WA 98504-0259
(360) 725-7205
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For Form Filings: Scott Henderson (Senior Insurance Policy and Compliance Analyst)
Office of the Insurance Commissioner
P.O. Box 40259
Olympia, WA 98504-0259
(360) 725-7125
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West Virginia

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

Links to State Regulations Pages

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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Wisconsin

Degree of Regulation

Effective April 18, 2014, a significant change has occurred in the law governing issuance of charitable gift annuities in Wisconsin. (2013 Wisconsin Act 271) Previously a highly regulated state, requiring application to the Office of the Commissioner of Insurance (OCI) and annual reporting, Wisconsin now provides gift annuities with a general exemption from insurance regulation, with no filing required (either initially or annually) to the OCI.

  • Years of operation – three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)

Links to State Regulations Pages

Wisconsin Insurance Department Contact Information

Bureau of Financial Analysis and Examinations
Office of the Commissioner of Insurance
P.O. Box 7873
Madison, WI 53707-7873
Kristin Forsberg
(800) 236-8517
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OR
Steve Caughill
(608) 267-2049
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Wyoming

Degree of Regulation

State law does not specifically address charitable gift annuities. Legal advice is recommended.