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South Dakota

Regulation of Charitable Gift Annuities

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 registered in the state as a foreign corporation (unless it is domiciled and with its principal place of business in South Dakota)

Actions Required for Exemption:

No filing with a state agency is required.

Disclosure and Agreement Content Requirements:

Disclosure language is required in each annuity agreement as well as in all promotional materials. The statement must appear in bold 10-point type or larger.

Suggested Language for State Disclosure: "Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance."

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

None specifically stated.

Links to State Regulations Pages:

South Dakota Codified Laws Sec. 58-1-16

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