CONNECTICUT
Regulation of Charitable Gift Annuities
Last Revised on October 2, 2009.
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:
None
Annual Reporting:
None
Compliance/Enforcement:
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
