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New York

Degree of Regulation

Issuance of charitable gift annuities is regulated under New York State Insurance Law Section 1110

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 ten years
  • obtain a permit from the Insurance Department
  • maintain gift annuity reserves, invested in accordance with the prudent investor standard
  • submit an annual filing to the state
  • adopt a board resolution referencing applicable state statutory provisions

Links to State Regulations Pages

Additional Information

  • ACGA Collaborates with New York Insurance Department to Reach Compromise on New Reserve Requirements for Charities That Issue Gift Annuities in New York - Click Here
  • Further clarification on calculating required assets in the case of a charity that applies for a certificate of exemption rather than a permit in New York - Click Here

New York Insurance Department Contact Information

George Brady
New York State Department of Financial Services
Life Bureau
One State Street
New York, NY  10004
Phone: (212) 480-4911
email: George.brady@dfs.ny.gov

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