Degree of Regulation: Charitable gift annuities are exempt from insurance regulation under the State Century Code Sections 26.1-34.1-01. A segregated reserve fund is required.

Notification/Contact with State Regulators: Application for a certificate of exemption is to be made to the State Insurance Department prior to issuance of any gift annuity in the state.

Disclosure Language Required: None – but see below for other agreement content requirements.

Further Details: No specific investment restrictions are imposed on the required reserve fund. There is a $100 filing fee due with the initial application. On an annual basis a charity must submit a copy of its audited financial statement as soon as it is available. There is no annual renewal fee. The annuity agreement must include at least the following information:

1. The value of the property to be transferred;
2. The amount of the periodic annuity benefits to be paid;
3. The manner in which and the intervals at which payment is to be made;
4. The age of the annuitant; and
5. The reasonable commensurate value.

Links to State Regulations:

North Dakota Century Code Sections 26.1-34.1-01, click here

North Dakota Insurance Department Contact Information:

Janel Frenzel
Company Licensing Specialist
North Dakota Insurance Department
600 East Boulevard, Dept. 401
Bismarck, ND 58505-0320
(701) 328-3328
(800) 247-0560
jfrenzel@state.nd.us