Suggested Maximum Gift Annuity Rates, Quality Training Opportunties, and Consumer Protection Advocacy

YOU CAN BE AN ACGA STATE AGENT

 

Signup to be an ACGA State Agent today!

 

State Agent Information

 

Simmons Endowment Fund

DonateNow

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.

 

Missouri

Regulation of Charitable Gift Annuities

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

Actions Required for Exemption:

A charity must notify the Missouri Department of Insurance that it is issuing qualified charitable gift annuities.  The notice must be signed by an officer or director of the organization; identify the organization; and certify that the organization is a qualified organization and that the annuities issued by the organization are qualified charitable gift annuities.

Disclosure and Agreement Content Requirements:

The annuity agreement must include the following notice in a separate paragraph in a type size no smaller than that used in the gift annuity agreement:

"This is a charitable gift annuity. A charitable gift annuity is not insurance under the laws of Missouri and is not subject to regulation by the Missouri Department of Insurance, Financial Institutions and Professional Registration or protected by a 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 notification provisions shall permit the Insurance Department to fine the charity up to $1,000 per agreement until it does comply.

Links to State Regulations Pages:

State of Missouri Laws Sections 352.500 - 352.520

Insurance Department Contact Information:

Jodi Farris
Senior Office Support Assistant
Company Regulation Division
Missouri Department of Insurance
301 W High Street, Suite 530
P.O. Box 690
Jefferson City MO 65102
Phone : 573-526-4877

Login

Follow ACGA

fb li tw