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 the ACGA State Regulations Committee.
Regulation of Charitable Gift Annuities
Degree of Regulation:
Issuance of charitable gift annuities is regulated under New Mexico Statutes Annotated, Section 59A-1-16.1.
In order to issue gift annuities in the state, a charity must meet the following regulatory requirements:
- have been in continuous operation for at least three years (or be the successor or affiliate of an organization in operation for that period of time)
- have a fund balance (assets in excess of liabilities) of at least $300,000, or unencumbered assets in its gift annuity fund (not counting reserves) of at least $300,000
- provide notice to the Insurance Division
Actions Required for Exemption:
A charity must file notice to the New Mexico Insurance Division by the date of issuing its first annuity in the state. The notice must be signed by an officer or director of the charity, identify the organization, and certify that the organization is a charitable organization and the annuities issued are qualified charitable gift annuities.
Disclosure and Agreement Content Language Requirements:
The charity must include a disclosure statement in the gift annuity agreement, in a separate paragraph, using print no smaller than that generally used in rest of agreement.
Suggested Language for State Disclosure: “A charitable gift annuity is not insurance under the laws of New Mexico and is not subject to regulation by the New Mexico Insurance Division or protected by a guaranty association affiliated with the division.”
Enforcement may be made by demand letter sent via certified mail.
Links to State Regulations Pages:
New Mexico Public Regulation Commission
Life and Health Bureau
Policy Form and Rate Filing Section
P.O. Box 1269
Santa Fe, NM 87504-1269