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NOTE: 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.

State Regulations

Illinois

Degree of Regulation

Under Section 215 ILCS 5/121-2.10, issuance of charitable gift annuities is exempt from insurance regulation.

  • Years of operation - 20 years continuous operation
  • Minimum assets - $2 million unrestricted fund balance.  Assets restricted to uses inconsistent with the payment of annuity obligations cannot be counted toward meeting the fund balance requirement. 
  • Reinsurance permitted - the two requirements above are waived if the annuity agreements are reinsured with a commercial insurance company registered to do business in Illinois. 

Links to State Regulations Pages

Illinois Department of Insurance

Jeff Scott
Legislative Liaison
Department of Insurance
320 W Washington St
5th Floor
Springfield IL 62767
Phone: (217) 558-4844
Email: jeffrey.scott@Illinois.gov

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