Degree of Regulation: Under Section 304.1-120 of the Kentucky Revised Statutes, charitable gift annuities are exempt from insurance regulation. To qualify for the exemption, a charity must be a “qualified organization” as set out in the statute. State law grants "blanket exemption" from regulation of Charitable Gift Annuities.

Notification/Contact with State Regulators: Notification is not required.

Disclosure Language Required: Disclosure language is not required.

Further Details: In order to qualify under the gift annuity exemption, a charity must be: (1) tax-exempt under Section 501(c)(3) and, with the exception of religious organizations, file a copy of Form 990 annually with the Division of Consumer Protection in the Kentucky Attorney General’s office, or (2) be a publicly owned or nonprofit-privately endowed educational institution approved or licensed by the Kentucky Board of Education, the Southern Association of Colleges and Schools or an equivalent public authority of the jurisdiction where the institution is located.