Degree of Regulation: Under Sections 41-114 and 41-120, Idaho Code, issuers of qualified charitable gift annuities are exempt from complying with the Idaho Insurance Code. To qualify for the exemption, the charity must have at least $100,000 in available unrestricted assets, and must have been in continuous operation for three years.

Notification/Contact with State Regulators: 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 Language Required: A charity must provide the following disclosure statement in each gift annuity 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.

Further Details: 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: http://www.doi.state.id.us/company/charitable_gift.aspx

State Contact:

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