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Degree of Regulation: Under Sections 38.2-106.1 and 38.2-3113.2 of the Code of Virginia, charitable gift annuities are exempt from insurance regulation. The charity must have been in operation for three years and have $100,000 in available unrestricted assets, not including the assets contributed for annuities.
Notification/Contact with State Regulators: Notification is not required.
Disclosure Language Required: Specific disclosure language must be included in each gift annuity agreement.
Language for State Disclosure Wording: “This charitable gift annuity is not insurance under the laws of the Commonwealth of Virginia and is neither subject to regulation by the Insurance Commission nor protected by the Virginia Life, Accident and Sickness Insurance Guaranty Association.”
Links to State Regulations Pages:
http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+38.2-3113.2
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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