Suggested Maximum Gift Annuity Rates, Quality Training Opportunties, and Consumer Protection Advocacy

YOU CAN BE AN ACGA STATE AGENT

 

Signup to be an ACGA State Agent today!

 

State Agent Information

 

Simmons Endowment Fund

DonateNow

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.

 

Idaho

Regulation of Charitable Gift Annuities

Degree of Regulation:

Under Idaho Code Sections 41-114 and 41-120, issuers of qualified charitable gift annuities are exempt from complying with the Idaho Insurance Code.

  • 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 - $100,000 in available unrestricted assets (cash, cash equivalents or publicly traded securities exclusive of the assets funding the annuity agreement and adjusted for inflation).

Actions Required for Exemption:

A charity must notify the Department of Insurance and certify that it is a charitable organization and that the annuities to be offered are qualified charitable gift annuities as defined in Section 41-120 of the Idaho Code. A charity should also acknowledge that it will include the required disclosure language (see below) in its Idaho annuity agreements..

Disclosure and Agreement Content Requirements:

A charity must provide the following disclosure statement in each gift annuity agreement in a separate paragraph and print size no smaller than that used in the agreement:  “This charitable gift annuity is not insurance under Idaho law and is not subject to regulation by the Department of Insurance or protected by a guaranty association affiliated with the Department.”

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement: 

The insurance department director may demand compliance by certified letter and impose a fine of up to $1,000 each for annuities issued during the time the organization is not in compliance.

Links to State Regulations Pages:

Insurance Department Contact Information:

Carol Anderson
Examinations Section
Idaho Department of Insurance
700 West State Street
P.O. Box 83720
Boise, ID 83720-0043
Phone: (208) 334-4309
Fax: (208) 334-4398

Login

Follow ACGA

fb li tw