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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.

 

Illinois

Regulation of Charitable Gift Annuities

Degree of Regulation:

Under Section 215 ILCS 5/121-2.10, issuance of charitable gift annuities is exempt from insurance regulation.

  • Years of operation - 20 years continuous operation
  • Minimum assets - $2 million unrestricted fund balance.  Assets restricted to uses inconsistent with the payment of annuity obligations cannot be counted toward meeting the fund balance requirement. 
  • Reinsurance permitted - the two requirements above are waived if the annuity agreements are reinsured with a commercial insurance company registered to do business in Illinois. 

Actions Required for Exemption:

A charity that meets the above mentioned requirements is authorized to issue charitable gift annuities.

Disclosure and Agreement Content Requirements:

None

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

None

Links to State Regulations Pages:

Code Section 215 ILCS 5/121

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