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Wisconsin's CGA Law

Important change to Wisconsin law regarding issuance of gift annuities, effective April 18, 2014, including removal of registration and on-going reporting requirements and addition of specific disclosure and notice requirements.  Click here for more info.

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Simmons Endowment Fund

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The Terry L. Simmons Philanthropic Endowment Fund will provide scholarships to worthy individuals who would otherwise be unable to attend the Conference on Gift Annuities.

 

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.

South Dakota

Regulation of Charitable Gift Annuities

Degree of Regulation:

Issuance of charitable gift annuities is regulated under South Dakota Codified Laws Section 58-1-16.

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 10 years
  • have at least $500,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets funding the annuity agreement as of the date of the annuity agreement
  • be registered in the state as a foreign corporation (unless it is domiciled and with its principal place of business in South Dakota)

Actions Required for Exemption:

No filing with a state agency is required.

Disclosure and Agreement Content Requirements:

Disclosure language is required in each annuity agreement as well as in all promotional materials. The statement must appear in bold 10-point type or larger.

Suggested Language for State Disclosure: "Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance."

Reserve Requirements:

None

Annual Reporting:

None

Compliance/Enforcement:

None specifically stated.

Links to State Regulations Pages:

South Dakota Codified Laws Sec. 58-1-16

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