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Degree of Regulation: Under Chapter 102, Texas Insurance Code, charitable gift annuities are exempt from insurance regulation. To qualify for the exemption, the charity must have been in operation for more than three years, and must have $100,000 in available unrestricted assets.
Notification/Contact with State Regulators: Department of Insurance certifying its nonprofit and tax exempt status, that the annuities to be offered are charitable gift annuities within the meaning of IRC sections. 501(m)(5) and 514(c)(5), and that the annuity agreements will include the required disclosure language.
Disclosure Language Required: A disclosure statement must be included in each gift annuity agreement.
Suggested Language for State Disclosure Wording: “This charitable gift annuity is not insurance under the laws of the state of Texas and is not subject to regulation by the Texas Department of Insurance or protected by a guaranty association affiliated with the Department.”
Further Details: Failure to comply permits a fine of up to $1,000 for each annuity issued during the time the organization is not in compliance.
Contact:
Shaun Craig
Insurance Specialist
Life/Health Division
Life, Annuity & Credit Section
Texas Department of Insurance
MC-106-1E
P.O. Box 149104
Austin, TX 78714-9104
(512) 322-3595
Email: Shaun.Craig@tdi.state.tx.us
While every effort is made to provide accurate data, neither any persons named in these pages nor the American Council on Gift Annuities guarantees the accuracy of the data presented here.
The user of this information is solely responsible for determining and verifying the accuracy of the data presented here and how it is used by the reader. This information is provided solely as a resource.
This information is supplied by:
State Regulations Committee
American Council on Gift Annuities
233 McCrea Street, Suite 400
Indianapolis, IN 46225
Phone: 317-269-6271
Fax: 317-269-6276
E-mail: acga@acga-web.org
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Copyright © 2000-2008. American Council on Gift Annuities. All Rights Reserved.
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