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State Agent Information


Simmons Endowment Fund


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.


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:


Annual Reporting:



None specifically stated.

Links to State Regulations Pages:

South Dakota Codified Laws Sec. 58-1-16


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