Charitable Gift Annuity Licensing

The following table summarizes registration and licensing requirements for charitable gift annuities across the United States.


Alabama

Agency

Alabama Securities Commission

License Renewal

Fee:

$60

Due:

Annually

Alaska

Agency

Alaska Department of Commerce, Community, and Economic Development - Division of Insurance

Initial Application

License Renewal

Not required

Alaska does not require charitable organizations to file on-going reports with the Division of Insurance.

Arizona

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. In order to enter charitable gift annuity agreements, a charity must qualify under section 501(c)(3) or 170(c) of the Internal Revenue Code. In addition, charities must have: "1. A minimum of three hundred thousand dollars in unrestricted cash, cash equivalents or publicly traded securities, exclusive of assets funding the charitable gift annuity agreement. 2. Been in continuous operation for at least three years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three years. 3. Had an annual audit of its operations conducted by an independent certified public accountant for the past two fiscal years."

Arkansas

Agency

Arkansas Department of Insurance - Division of Finance

Initial Application

License Renewal

Fee:

$0

Form:

Annual Permit Renewal

Due:

Annually within 180 days of the organization's fiscal year end.

California

Agency

California Department of Insurance

Initial Application

License Renewal

Fee:

$136

Form:

G&A Annual Statement

Due:

Annually within 120 days of the organization's fiscal year end.

Colorado

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Charities that meet the following conditions are also exempt from insurance business regulation: "(a) Meets the definition and standards contained in section 501 (m)(5) of the federal "Internal Revenue Code of 1986", as amended; (b) Contains on its face the following statement: "This annuity is not issued by an insurance company nor regulated by the Colorado division of insurance and is not protected by any state guaranty fund or protective association." (c) Is issued or guaranteed by an organization that at all times during the three years preceding the date of the issuance of such annuity: (I) Was qualified to receive contributions described in section 170 (c) of the federal "Internal Revenue Code of 1986", as amended; and (II) If required as a condition of such qualification by provisions of the federal "Internal Revenue Code of 1986", as amended, was in receipt of notification from the federal internal revenue service that such organization was so qualified.".

Connecticut

Agency

Connecticut Insurance Department

Initial Application

License Renewal

Not required

Delaware

Not required

Delaware does not distinguish between annuities issued by charitable and for-profit entities.

District of Columbia

Not required

The District of Columbia does not distinguish between annuities issued by charitable and for-profit entities.

Florida

Agency

Florida Office of Insurance Regulation

Initial Application

Fee:

$0

Form:

There is no application form.

License Renewal

Fee:

$0

Due:

Annually within 60 days of the charity's fiscal year end.

Georgia

Agency

Georgia Office of Insurance and Safety Fire Commissioner

Initial Application

License Renewal

Not required

Hawaii

Agency

Hawaii Department of Commerce and Consumer Affairs - Insurance Division

Initial Application

Fee:

$0

License Renewal

Not required

Charities must continue filing renewals with the attorney general, but no separate renewal filings are required for exemption permits.

Idaho

Agency

Idaho Department of Insurance

Initial Application

License Renewal

Not required

Illinois

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Illinois exempts charities from insurance regulation related to charitable gift annuities if they meet the following conditions: "The insurance laws of this State, including this Code, do not apply to any charitable gift annuity, as defined in Section 501(m)(5) of the Internal Revenue Code, issued by an organization that is described in Section 170(c) of the Internal Revenue Code, if either (i) an insurer authorized to transact business in this State is directly obligated to the annuitant or (ii) the organization has been in active operation for not less than 20 years before the date the annuity is issued and has an unrestricted fund balance of not less than $2,000,000 on the date the annuity is issued. For purposes of this Section, "Internal Revenue Code" refers to the Internal Revenue Code of 1986, as amended, and corresponding provisions of subsequent federal tax laws.".

Indiana

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Indiana exempts charities from insurance regulation related to charitable gift annuities if they meet the following conditions: "(1) is established under a tranaction that, for federal income tax purposes, is treated: (A) in part as a charitable contribution under Section 170 of the Internal Revenue Code; and (B) in part as an investment in an annuity contract under Section 72 of the Internal Revenue Code; and (2) meets the requirements for exclusion from the definition of "acquisition indebtedness" under Section 514(c)(5) of the Internal Revenue Code.".

Iowa

Agency

Iowa Insurance Division

Initial Application

License Renewal

Not required

Kansas

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Kansas generally exempts organizations with a religious, educational, benevolent, fraternal, charitable, social, athletic, or reformatory purpose from insurance regulations related to charitable gift annuities.

Kentucky

Not required

No filing is required. Kentucky exempts most charities from insurance regulations related to charitable gift annuities.

Louisiana

Not required

No filing is required. Louisiana exempts 501(c)(3) organizations from insurance regulations related to charitable gift annuities.

Maine

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Maine exempts charities from following insurance regulations regarding charitable gift annuities if the following conditions are met: "A. The organization is a nonprofit organization that is either: (1) An organization to which the Maine Nonprofit Corporation Act applies; or (2) Organized under the laws of a jurisdiction within the United States and qualified as a foreign corporation pursuant to Title 13-B, chapter 12. B. The organization qualifies as a tax-exempt organization under the Internal Revenue Code, Section 501(c)(3) or a successor provision. C. The organization: (1) Has been operating continuously for 5 or more years; (2) Is a parent or subsidiary of a qualified organization; or (3) Is the successor to an organization that meets the requirements of paragraphs A and B and both organizations together have operated continuously for 5 or more years.".

Maryland

Agency

Maryland Insurance Administration

Initial Application

Fee:

$0

License Renewal

Fee:

$0

Due:

Annually within 90 days of the charity's fiscal year end.

Massachusetts

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Massachusetts statutes exempt educational, charitable, benevolent, and religious organizations from life insurance company regulation related to charitable gift annuities.

Michigan

Not required

Michigan statutes do not address charitable gift annuities, however, an attorney general opinion that exempted the Michigan State University Foundation from insurance regulation related to charitable gift annuities is also applied to other charitable organizations so long as the issuance of annuities remains secondary to the object and purpose of the organization.

Minnesota

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Minnesota statutes exempt religious, educational, benevolent, fraternal, charitable, social, athletic, and reformatory organizations from security regulation related to charitable gift annuities.

Mississippi

Agency

Mississippi Secretary of State - Securities Division

Initial Application

License Renewal

Not required

Missouri

Agency

Missouri Department of Insurance

Initial Application

License Renewal

Not required

Montana

Agency

Office of the Montana State Auditor - Commissioner of Securities and Insurance

License Renewal

Nebraska

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities.

Nevada

Agency

Nevada Division of Insurance

Initial Application

License Renewal

Not required

New Hampshire

Agency

New Hampshire Department of Justice- Charitable Trusts Unit

New Jersey

Agency

New Jersey Department of Banking and Insurance - Division of Insurance

Initial Application

License Renewal

Fee:

$0

Form:

Annual Statement

Due:

Within 120 days of the end of the calendar year. Permission may be granted for the filing to be made on a fiscal year basis.

New Mexico

Agency

New Mexico Office of Superintendent of Insurance

Initial Application

License Renewal

Not required

New York

Agency

New York Department of Financial Services

Initial Application

Fee:

$0

License Renewal

Fee:

$0

Form:

There is no renewal form.

Due:

Annually by March 1st.

North Carolina

Agency

North Carolina Department of Insurance

Initial Application

License Renewal

Not required

North Dakota

Agency

North Dakota Insurance Department

License Renewal

Fee:

$0

Filing Method:Email to the departmentDue:

Audited financial statements are due annually within 15 days of their preparation.

Ohio

Not required

Ohio statutes do not address charitable gift annuities, but the state generally considers charities that issue annuities exempt from insurance regulation.

Oklahoma

Agency

Oklahoma Insurance Department

Initial Application

License Renewal

Due:

Annually within 90 days of receipt of the final audit report.

Oregon

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Charities that hold certificates of authority issued prior to 2006 may continue issuing charitable gift annuities if they keep an annual audited financial statement on file.

Pennsylvania

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Pennsylvania certain charities from insurance regulation related to charitable gift annuities if they meet the description offered in section 170(c) of the Internal Revenue Code, have been in continuous existence for at least 3 years, and have unrestricted assets of at least $100,000 plus half of the principal value of issued annuities. The charity must also be an educational institution, hospital, senior citizen center, religious institution, or charitable organization registered with the department of state.

Rhode Island

Not required

Rhode Island statutes do not address charitable gift annuities, but division of insurance rules exempt charitable organizations from disclosure rules that apply to other entities.

South Carolina

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. South Carolina exempts charitable, religious, benevolent, and educational organizations from insurance laws related to charitable gift annuities as long as they have been in existence for at least 5 years. For-profit entities, including nursing homes, are not exempt.

South Dakota

Not required

No filing is required, but charities need to be registered or foreign qualified with the secretary of state and meet certain conditions before issuing charitable gift annuities. South Dakota exempts 501(c)(3) charitable organizations as well as qualifying educational institutions from insurance regulation related to charitable gift annuities.

Tennessee

Agency

Tennessee Department of Commerce and Insurance

Initial Application

License Renewal

Fee:

$100

Form:

There is no renewal form, instead send a letter of intent to renew to the department along with the renewal fee.

Due:

Annually by March 1st.

Texas

Agency

Texas Department of Insurance

Initial Application

License Renewal

Not required

Utah

Not required

No filing is required. Utah generally exempts charitable organizations from insurance regulation related to charitable gift annuities.

Vermont

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Organizations described by section 501(c)(3) or section 170(c) of the internal revenue code are exempt from insurance regulation related to charitable gift annuities as long as they meet the qualifying conditions.

Virginia

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Organizations described by section 501(c)(3) or section 170(c) of the internal revenue code are exempt from insurance regulation related to charitable gift annuities as long as they meet the qualifying conditions.

Washington

Agency

Washington Office of the Insurance Commissioner

Initial Application

License Renewal

Fee:

$25 + $5 per annuity issued during the previous calendar year.

Filing Method:

Online

Due:

Annually within 60 days of the organization's fiscal year end.

West Virginia

Agency

West Virginia Offices of the Insurance Commissioner

Initial Application

License Renewal

Not required

Wisconsin

Not required

No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities.

Wyoming

Not required

Wyoming does not distinguish between annuities issued by charitable and for-profit entities.

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