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State Agents

We depend on tips from our colleagues throughout the country to help keep us informed of updates or changes to the state regulations.  If you have updates regarding legislation in a state, please send us an email.

Please sign up to be a state agent for our State Regulations Committee, so you can alert us to regulatory or legislative happenings (and be our “go-to” person) in your state. YOU are our best source of intelligence.  To become an agent for the ACGA State Regulations Committee, please complete this form.

 

Click on a state below or choose a state from the list to view the state regulations. 

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Wyoming

Degree of Regulation

State law does not specifically address charitable gift annuities. Legal advice is recommended.

Wisconsin

Degree of Regulation

Effective April 18, 2014, a significant change has occurred in the law governing issuance of charitable gift annuities in Wisconsin. (2013 Wisconsin Act 271) Previously a highly regulated state, requiring application to the Office of the Commissioner of Insurance (OCI) and annual reporting, Wisconsin now provides gift annuities with a general exemption from insurance regulation, with no filing required (either initially or annually) to the OCI.

  • Years of operation – three years continuous operation (or be the successor or affiliate of an organization in operation for that period of time)

Links to State Regulations Pages

Wisconsin Insurance Department Contact Information

Bureau of Financial Analysis and Examinations
Office of the Commissioner of Insurance
P.O. Box 7873
Madison, WI 53707-7873
Kristin Forsberg
(800) 236-8517
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OR
Steve Caughill
(608) 267-2049
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West Virginia

Degree of Regulation

Issuance of charitable gift annuities is regulated under West Virginia Code Section 33-13B-1-6.

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 (or be a successor or affiliate of a charitable organization that has been in continuous operation for three years).
  • have a minimum of $300,000 in unrestricted cash, cash equivalents, or publicly-traded securities, exclusive of the assets funding the annuity agreements
  • provide notice to the Office of the Insurance Commissioner

Links to State Regulations Pages

West Virginia Insurance Department Contact Information

Cristy Dunlap, CAP, MOS
Data Analyst I
WV Offices of the Insurance Commissioner
Financial Conditions Division 
PO Box 50540
Charleston, WV 25305-0540
(304) 558-2100

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Washington

Degree of Regulation

Issuance of charitable gift annuities is regulated under Revised Code of Washington Chapter 48.38 and Chapter 284-38 WAC In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for three years
  • have $500,000 in unrestricted net assets
  • obtain a certificate of exemption from the Office of Insurance Commissioner.
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state
  • register as a charitable organization with the Washington Secretary of State (unless exempt from such registration)

Links to State Regulations

Washington Insurance Department Contact Information

For Registration: Nina Slocum or Susan Baker (Company Licensing Specialists)
Office of the Insurance Commissioner
P.O. Box 40259
Olympia, WA 98504-0259
Nina Slocum (360) 725-7193 or Susan Baker (360) 725-7232 
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For Financial Filings: Steve Drutz (Senior Financial Analyst) 
Office of the Insurance Commissioner
P.O. Box 40259
Olympia, WA 98504-0259
(360) 725-7205
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For Form Filings: Scott Henderson (Senior Insurance Policy and Compliance Analyst)
Office of the Insurance Commissioner
P.O. Box 40259
Olympia, WA 98504-0259
(360) 725-7125
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Virginia

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

Links to State Regulations Pages

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Vermont

Degree of Regulation

Issuance of charitable gift annuities is regulated under Vermont Statutes Title 9, Chapter 68, Sections 2517 to 2518.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for three years (or be the successor or affiliate of an organization in operation for that period of time)
  • have at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, in addition to the assets necessary to fund the charity's outstanding annuity obligations on the date it enters into a gift annuity agreement

Links to State Regulations Pages

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Texas

Degree of Regulation

Issuance of charitable gift annuities is regulated under Chapter 102, Texas Insurance Code.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • have been in continuous operation for more than three years
  • have a minimum of $100,000 in cash, cash equivalents, or publicly-traded securities, exclusive of assets funding the annuity agreements
  • provide notice to the Department of Insurance

Links to State Regulations

Department of Insurance Contact Information

Life/Health and HMO Intake Team
Life, Annuity and Credit Program
Life and Health Lines Office
Texas Department of Insurance
MC-106-1E
P.O. Box 149104
Austin, TX 78714-9104
(512) 676-6888
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Tennessee

Degree of Regulation

Issuance of charitable gift annuities is regulated under Tennessee Code Annotated, Sections 56-52-101 through 56-52-111.

In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:

  • obtain a certificate of authority from the Tennessee Insurance Department
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state

Links to State Regulations Pages

Insurance Department Contact Information

James C. Ayers, CPA
Insurance Tax & Licensing Manager
Tennessee Insurance Division
Davy Crockett Tower, 7th Floor
500 James Robertson Parkway
Nashville, TN 37243
p. 615-741-1203
f. 615-532-2788
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South Dakota

Degree of Regulation

Issuance of charitable gift annuities is regulated under South Dakota Codified Laws Section 58-1-16.

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 10 years
  • have at least $500,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets funding the annuity agreement as of the date of the annuity agreement
  • be a qualified organization (a qualified organization means an organization which is either domiciled in South Dakota and has its principal place of business in South Dakota or is qualified to do business in South Dakota as a foreign corporation, and which is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code as a charitable organization and regularly files a copy of Federal Form 990 in the Office of the Attorney General or is exempt from taxation under Section 501(c)(3) of the Intern Revenue Code as a religious organization or is exempt as a publicly owned or nonprofit, privately endowed educational institution approved, accredited, or licensed by the state board of education, the north central association of colleges and schools, or an equivalent public authority of the jurisdiction where the institution is located.)

Links to State Regulations Pages

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