Procedures and Requirements for Charitable Gift Annuities
The company must file with the Director of Insurance:
- Notice to the Department in writing the date on which it enters into the
organization’s first qualified charitable gift annuity agreement. This notice
- a. Be signed by the officer or director of the charitable organization
- b. Identify the charitable organization.
- c. Certify that:
- (i) The organization is a charitable organization;
- (ii) The annuities issued by the charitable organization are qualified charitable gift annuities as defined in Section 41-120, Idaho Code.
When entering into an agreement for a qualified charitable gift annuity, the charitable organization shall disclose in writing to the donor, in the annuity agreement:
“NOTICE: A charitable gift annuity is not insurance under the laws of this state and is not subject to regulation by the Department of Insurance or protected by a guaranty association affiliated with the Department. The notice provisions of this subsection must be written in a separate paragraph in the annuity agreement in a print size no smaller than that employed in the annuity agreement generally.”
- Failure of a charitable organization to comply with the notice requirements
imposed by Section 41-120, Idaho Code, may result in a fine in an amount not to exceed
$1,000 per qualified charitable gift annuity agreement issued until the charitable
organization complies with the above noted reporting requirements.