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IDAHO

Regulation of Charitable Gift Annuities

Last Revised on October 2, 2009.

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 charitable gift annuities within the meaning of IRC Secs. 501(m)(5) and 514(c)(5).

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:

Idaho Code Sections 41-114 and 41-120

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