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The Terry L. Simmons Philanthropic Endowment Fund will provide scholarships to worthy individuals who would otherwise be unable to attend the Conference on Gift Annuities.

 

Mississippi

Regulation of Charitable Gift Annuities

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).

Actions Required for Exemption:

A charity that issues gift annuities starting must file a written notice with the Secretary of State by the date on which it enters into the organization's first qualified gift annuity agreement. The notice must be signed by an officer or director of the charity, identify the name and address of the charity and certify the organization is a charitable organization and that its annuity agreements are qualified charitable gift annuities.

Disclosure and Agreement Content Requirements:

State disclosure language is required in gift annuity contracts.  The language must be in a separate paragraph in print no smaller than that used in the gift annuity agreement:

"A qualified charitable gift annuity is not insurance under the laws of the state of Mississippi and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty fund or an insurance guaranty association."

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

Enforcement may be made by demand letter sent via certified mail. Failure to qualify and comply with the above provisions permits the Mississippi Secretary of State to fine a charity up to $1,000 per agreement until it does comply.

Links to State Regulations Pages:

Mississippi Code Sections 79-11-651 through 79-11-661

Insurance Department Contact Information:

Dave Scott
Secretary of State’s Office
Business Regulation & Enforcement
P.O. Box 136
Jackson, MS 39205
(601)359-1650

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