Degree of Regulation: Exemption from insurance regulation for issuance of gift annuities - notification to state insurance department required. Criteria for exemption: continuous operation for at least 3 years; minimum of $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not including the assets used to fund the annuity agreement.
Notification/Contact with State Regulators: The charity shall notify the Alaska Insurance Division no later than 90 days of writing its first qualified charitable annuity agreement. Such notice will be signed by an officer or director of the charitable organization, must provide the name and address of the charitable organization. The notification shall certify that the issuing organization is a "charitable organization", and that gift annuities issued by the charity are "qualified charitable gift annuities", as defined in the Alaska state law.
Disclosure Language Required: The Statute requires Disclosure Language wording to be placed in the agreement, in BOLD type in a separate paragraph, in a size no smaller than that found in the annuity agreement generally, as follows:
"This qualified charitable gift annuity is not an insurance policy in the State of Alaska, is not subject to regulation by the Insurance Division and is not protected by the Life and Health Insurance Guaranty Association established under Alaska Statute AS 21.79.040 or any other association that guarantees payment under a policy of insurance. The state of Alaska does not in any way approve or endorse this annuity agreement."
Further Details: Statutory cite: Alaska Statutes Section 21.03.070. Failure to comply with the terms of the law will allow the Insurance Division to impose a civil penalty not to exceed $1,000 for each qualified charitable gift annuity agreement, until the charity complies with the requirements of this law.
The full text of the statute can be found at: http://www.touchngo.com/lglcntr/akstats/Statutes/Title21/Chapter03/Section070.htm
Alaska Department of Insurance Contact Information:
Notifications to be sent to:
Janice Stamper
Insurance Financial Examiner
Department of Community and Economic Development
Division of Insurance
550 West 7th Avenue, #1560
Anchorage, AK 99501-3567
While every effort is made to provide accurate data, neither any persons named in these pages nor the American Council on Gift Annuities guarantees the accuracy of the data presented here.
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:
State Regulations Committee
American Council on Gift Annuities
233 McCrea Street, Suite 400
Indianapolis, IN 46225
Phone: 317-269-6271
Fax: 317-269-6276
E-mail: acga@acga-web.org
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