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.

 

North Dakota

Regulation of Charitable Gift Annuities

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

Actions Required for Exemption:

Application for a certificate of exemption is to be made to the North Dakota Insurance Department prior to issuance of any gift annuity in the state.

There is a $100 filing fee due with the initial application.

Disclosure and Agreement Content Requirements:

The annuity agreement must include the following:

  • The value of the property to be transferred;
  • The amount of the periodic annuity benefits to be paid;
  • The manner in which and the intervals at which payment is to be made;
  • The age of the annuitant; and
  • The reasonable commensurate value.

In addition, for a North Dakota resident to qualify for a tax credit for a deferred annuity with a North Dakota charity, the agreement must state that the annuitant’s interest in the annuity cannot be assigned to the charity sooner than 5 years after the contribution has been made (except upon the death of the annuitant). 

Reserve Requirements:

The segregated fund must maintain assets adequate to meet future payments under all outstanding annuity agreements.  There are no specific investment restrictions imposed on the reserve fund.

Annual Reporting:

On an annual basis a charity must submit a copy of its audited financial statement as soon as it is available.

Compliance/Enforcement:

Failure to comply with any of the statutory requirements may result in the suspension or revocation of the permit.

Links to State Regulations:

North Dakota Century Code Sections 26.1-34.1-01

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

Login

Follow ACGA

fb li tw