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
