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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.



Regulation of Charitable Gift Annuities

Degree of Regulation:

Charitable gift annuities are exempt from state insurance regulation under Connecticut General Statutes Sections 38a-1030 to 38a-1034.

  • Years of operation - three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)
  • Minimum assets - $300,000 in unrestricted cash, cash equivalents or publicly traded securities (excludes counting the annuity gift)

Actions Required for Exemption:

Charities are required to provide notification to the Connecticut Insurance Commissioner by the date in which they issue their first annuity.

Disclosure and Agreement Content Requirements:

A charity is required to notify its donors in writing (in a separate paragraph of the agreement, using print no smaller than that generally used in rest of agreement) that the gift annuity is a qualified charitable gift annuity, is not insurance, and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association.

Suggested Language for State Disclosure:  "A charitable gift annuity is not insurance under the laws of Connecticut and is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association."

Reserve Requirements:


Annual Reporting:



Failure to qualify and comply with the Connecticut Statute Sec. 38a-1034, shall permit the Connecticut Insurance Commissioner to fine the charity up to $1,000 per agreement until it does comply.

Links to State Regulations Pages:

Connecticut General Statutes Sections 38a-1030 to 38a-1034

Insurance Department Contact Information:

Vanessa Medina
Legal Department
Connecticut Insurance Department
PO Box 816
Hartford, CT 06142-0816
(860) 297-3804
This email address is being protected from spambots. You need JavaScript enabled to view it.


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