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Standardizing the State Regulations of CGAs

 

The National Association of Insurance Commissioners (NAIC) has approved final drafts of two drafts for state legislatures to choose and adopt to standardize the state regulation of charitable gift annuities (CGAs). The Charitable Gift Annuity Model Act and Charitable Gift Annuity Exemption Model Act language is posted below. Both drafts were approved by the NAIC at its Winter National Meeting in Orlando, Florida on December 7, 1998 and was sent to the 50 state legislatures in early 1999, suggesting that they pass one draft or the other, so that the state regulation of charitable gift annuities will be standardized as to the issuance of Gift Annuity Permits or exemption from regulation.

CGA Permit Law Draft (Charitable Gift Annuities Model Act)

CGA Exemption Law Draft (Charitable Gift Annuities Exemption Model Act)

CGA Definition in Insurance Law Draft (Definition Model Regulation)