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The user of this information is solely responsible for determining and verifying the accuracy of the data presented here and how it is used by the reader. This information is provided solely as a resource.
This information is supplied by the ACGA State Regulations Committee.
Articles
Arkansas
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Regulation of Charitable Gift Annuities
Degree of Regulation:
Issuance of charitable gift annuities is regulated under Arkansas Code Section 23-63-201(d) and Rule 90.
- Years of operation - five years continuous operation (or affiliation with an organization in existence for that time with sufficient management expertise available.
- Gift annuity-specific registration - required
- Reserve fund/investment restrictions - segregated reserve fund required; prudent investor standard
- Annual reporting - required
- Board resolution - required authorizing creation of a gift annuity fund
General Requirements
Application for certificate of exemption is to be made to the State Insurance Department prior to issuance of any gift annuity in the state. To register for a permit with the Insurance Department, the charity must submit a detailed application.
Disclosure and Agreement Content Requirements:
The only specific requirement regarding the content of the annuity agreement is that Arkansas law must govern.
Reserve Requirements:
A charity must maintain a segregated reserve account for all annuities not properly reinsured. The reserve fund must hold a minimum of $50,000. With permission of the Insurance Department, the charity may maintain a reserve for Arkansas residents only.
Investment of the segregated reserve fund may be in accordance with specific investment restrictions or the prudent investor standard. If the charity is domiciled outside of Arkansas and invests according to its own state law, the charity must provide a copy of the relevant state law.
Annual Reporting:
An annual report on the segregated reserve fund is required. If investment is per the prudent investor standard, specific information must be included in the annual report, including a description of the organization's investment philosophy, a listing of the members of the charity's investment committee, and certification from the charity's board that the investments conform to the charity's investment philosophy and the prudent investor standard.
Submission Deadline - 180 days after the charity’s fiscal year.
Compliance/Enforcement:
Failure to comply with any of the statutory requirements may result in the suspension or revocation of the permit or a fine of up to $10,000.
Links to State Regulations Pages:
Rule 90, Charitable Annuities Requirements and Reporting
Insurance Department Contact Information:
Mail applications to:
Insurance Commissioner of the State of Arkansas
1200 West Third Street
Little Rock, AR 72201-1904
Attn: Finance Division
Address questions to:
Kimberly Johnson, APIR
Insurance Examiner
Arkansas Insurance Department
1200 West Third Street
Little Rock, AR 72201-1904
501-371-2680
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