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Simmons Endowment Fund

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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.

 

Virginia

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia.

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 three years
  • have at least $100,000 in cash, cash equivalents, or publicly-traded securities, not including the assets contributed for annuities

Actions Required for Exemption:

None

Disclosure and Agreement Content Requirements:

Specific disclosure language must be included in each gift annuity agreement.

Suggested Language for State Disclosure: “This charitable gift annuity is not insurance under the laws of the Commonwealth of Virginia and is neither subject to regulation by the Insurance Commission nor protected by the Virginia Life, Accident and Sickness Insurance Guaranty Association.”

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

None specifically stated.

Links to State Regulations Pages:

Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia

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