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Alaska Department of Commerce, Community, and Economic Development - Division of Insurance
Initial Application
License Renewal
Arizona
Arizona
Not Required
Charitable Gift Annuity licensure is not required on the State level in Arizona
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. In order to enter charitable gift annuity agreements, a charity must qualify under section 501(c)(3) or 170(c) of the Internal Revenue Code. In addition, charities must have: "1. A minimum of three hundred thousand dollars in unrestricted cash, cash equivalents or publicly traded securities, exclusive of assets funding the charitable gift annuity agreement. 2. Been in continuous operation for at least three years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three years. 3. Had an annual audit of its operations conducted by an independent certified public accountant for the past two fiscal years."
Arkansas
Arkansas
Agency
Arkansas Department of Insurance - Division of Finance
Annually within 120 days of the organization's fiscal year end.
Colorado
Colorado
Not Required
Charitable Gift Annuity licensure is not required on the State level in Colorado
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Charities that meet the following conditions are also exempt from insurance business regulation: "(a) Meets the definition and standards contained in section 501 (m)(5) of the federal "Internal Revenue Code of 1986", as amended; (b) Contains on its face the following statement: "This annuity is not issued by an insurance company nor regulated by the Colorado division of insurance and is not protected by any state guaranty fund or protective association." (c) Is issued or guaranteed by an organization that at all times during the three years preceding the date of the issuance of such annuity: (I) Was qualified to receive contributions described in section 170 (c) of the federal "Internal Revenue Code of 1986", as amended; and (II) If required as a condition of such qualification by provisions of the federal "Internal Revenue Code of 1986", as amended, was in receipt of notification from the federal internal revenue service that such organization was so qualified.".
Connecticut
Connecticut
Agency
Connecticut Insurance Department
Initial Application
License Renewal
Delaware
Delaware
Not Required
Charitable Gift Annuity licensure is not required on the State level in Delaware
Delaware does not distinguish between annuities issued by charitable and for-profit entities.
District of Columbia
District of Columbia
Not Required
Charitable Gift Annuity licensure is not required on the State level in District of Columbia
The District of Columbia does not distinguish between annuities issued by charitable and for-profit entities.
Florida
Florida
Agency
Florida Office of Insurance Regulation
Initial Application
Fee:
$0
Form:
There is no application form.
License Renewal
Fee:
$0
Due:
Annually within 60 days of the charity's fiscal year end.
Georgia
Georgia
Agency
Georgia Office of Insurance and Safety Fire Commissioner
Initial Application
License Renewal
Hawaii
Hawaii
Agency
Hawaii Department of Commerce and Consumer Affairs - Insurance Division
Initial Application
Fee:
$0
License Renewal
Idaho
Idaho
Agency
Idaho Department of Insurance
Initial Application
License Renewal
Illinois
Illinois
Not Required
Charitable Gift Annuity licensure is not required on the State level in Illinois
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Illinois exempts charities from insurance regulation related to charitable gift annuities if they meet the following conditions: "The insurance laws of this State, including this Code, do not apply to any charitable gift annuity, as defined in Section 501(m)(5) of the Internal Revenue Code, issued by an organization that is described in Section 170(c) of the Internal Revenue Code, if either (i) an insurer authorized to transact business in this State is directly obligated to the annuitant or (ii) the organization has been in active operation for not less than 20 years before the date the annuity is issued and has an unrestricted fund balance of not less than $2,000,000 on the date the annuity is issued. For purposes of this Section, "Internal Revenue Code" refers to the Internal Revenue Code of 1986, as amended, and corresponding provisions of subsequent federal tax laws.".
Indiana
Indiana
Not Required
Charitable Gift Annuity licensure is not required on the State level in Indiana
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Indiana exempts charities from insurance regulation related to charitable gift annuities if they meet the following conditions: "(1) is established under a tranaction that, for federal income tax purposes, is treated: (A) in part as a charitable contribution under Section 170 of the Internal Revenue Code; and (B) in part as an investment in an annuity contract under Section 72 of the Internal Revenue Code; and (2) meets the requirements for exclusion from the definition of "acquisition indebtedness" under Section 514(c)(5) of the Internal Revenue Code.".
Iowa
Iowa
Agency
Iowa Insurance Division
Initial Application
License Renewal
Kansas
Kansas
Not Required
Charitable Gift Annuity licensure is not required on the State level in Kansas
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Kansas generally exempts organizations with a religious, educational, benevolent, fraternal, charitable, social, athletic, or reformatory purpose from insurance regulations related to charitable gift annuities.
Kentucky
Kentucky
Not Required
Charitable Gift Annuity licensure is not required on the State level in Kentucky
No filing is required. Kentucky exempts most charities from insurance regulations related to charitable gift annuities.
Louisiana
Louisiana
Not Required
Charitable Gift Annuity licensure is not required on the State level in Louisiana
No filing is required. Louisiana exempts 501(c)(3) organizations from insurance regulations related to charitable gift annuities.
Maine
Maine
Not Required
Charitable Gift Annuity licensure is not required on the State level in Maine
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Maine exempts charities from following insurance regulations regarding charitable gift annuities if the following conditions are met: "A. The organization is a nonprofit organization that is either: (1) An organization to which the Maine Nonprofit Corporation Act applies; or (2) Organized under the laws of a jurisdiction within the United States and qualified as a foreign corporation pursuant to Title 13-B, chapter 12. B. The organization qualifies as a tax-exempt organization under the Internal Revenue Code, Section 501(c)(3) or a successor provision. C. The organization: (1) Has been operating continuously for 5 or more years; (2) Is a parent or subsidiary of a qualified organization; or (3) Is the successor to an organization that meets the requirements of paragraphs A and B and both organizations together have operated continuously for 5 or more years.".
Maryland
Maryland
Agency
Maryland Insurance Administration
Initial Application
Fee:
$0
License Renewal
Fee:
$0
Due:
Annually within 90 days of the charity's fiscal year end.
Massachusetts
Massachusetts
Not Required
Charitable Gift Annuity licensure is not required on the State level in Massachusetts
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Massachusetts statutes exempt educational, charitable, benevolent, and religious organizations from life insurance company regulation related to charitable gift annuities.
Michigan
Michigan
Not Required
Charitable Gift Annuity licensure is not required on the State level in Michigan
Michigan statutes do not address charitable gift annuities, however, an attorney general opinion that exempted the Michigan State University Foundation from insurance regulation related to charitable gift annuities is also applied to other charitable organizations so long as the issuance of annuities remains secondary to the object and purpose of the organization.
Minnesota
Minnesota
Not Required
Charitable Gift Annuity licensure is not required on the State level in Minnesota
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Minnesota statutes exempt religious, educational, benevolent, fraternal, charitable, social, athletic, and reformatory organizations from security regulation related to charitable gift annuities.
Mississippi
Mississippi
Agency
Mississippi Secretary of State - Securities Division
Charitable Gift Annuity licensure is not required on the State level in Ohio
Ohio statutes do not address charitable gift annuities, but the state generally considers charities that issue annuities exempt from insurance regulation.
Oklahoma
Oklahoma
Agency
Oklahoma Insurance Department
Initial Application
License Renewal
Due:
Annually within 90 days of receipt of the final audit report.
Oregon
Oregon
Not Required
Charitable Gift Annuity licensure is not required on the State level in Oregon
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Charities that hold certificates of authority issued prior to 2006 may continue issuing charitable gift annuities if they keep an annual audited financial statement on file.
Pennsylvania
Pennsylvania
Not Required
Charitable Gift Annuity licensure is not required on the State level in Pennsylvania
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Pennsylvania certain charities from insurance regulation related to charitable gift annuities if they meet the description offered in section 170(c) of the Internal Revenue Code, have been in continuous existence for at least 3 years, and have unrestricted assets of at least $100,000 plus half of the principal value of issued annuities. The charity must also be an educational institution, hospital, senior citizen center, religious institution, or charitable organization registered with the department of state.
Rhode Island
Rhode Island
Not Required
Charitable Gift Annuity licensure is not required on the State level in Rhode Island
Rhode Island statutes do not address charitable gift annuities, but division of insurance rules exempt charitable organizations from disclosure rules that apply to other entities.
South Carolina
South Carolina
Not Required
Charitable Gift Annuity licensure is not required on the State level in South Carolina
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. South Carolina exempts charitable, religious, benevolent, and educational organizations from insurance laws related to charitable gift annuities as long as they have been in existence for at least 5 years. For-profit entities, including nursing homes, are not exempt.
South Dakota
South Dakota
Not Required
Charitable Gift Annuity licensure is not required on the State level in South Dakota
No filing is required, but charities need to be registered or foreign qualified with the secretary of state and meet certain conditions before issuing charitable gift annuities. South Dakota exempts 501(c)(3) charitable organizations as well as qualifying educational institutions from insurance regulation related to charitable gift annuities.
There is no renewal form, instead send a letter of intent to renew to the department along with the renewal fee.
Due:
Annually by March 1.
Texas
Texas
Agency
Texas Department of Insurance
Initial Application
License Renewal
Utah
Utah
Not Required
Charitable Gift Annuity licensure is not required on the State level in Utah
No filing is required. Utah generally exempts charitable organizations from insurance regulation related to charitable gift annuities.
Vermont
Vermont
Not Required
Charitable Gift Annuity licensure is not required on the State level in Vermont
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Organizations described by section 501(c)(3) or section 170(c) of the internal revenue code are exempt from insurance regulation related to charitable gift annuities as long as they meet the qualifying conditions.
Virginia
Virginia
Not Required
Charitable Gift Annuity licensure is not required on the State level in Virginia
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities. Organizations described by section 501(c)(3) or section 170(c) of the internal revenue code are exempt from insurance regulation related to charitable gift annuities as long as they meet the qualifying conditions.
Annually within 60 days of the organization's fiscal year end.
West Virginia
West Virginia
Agency
West Virginia Offices of the Insurance Commissioner
Initial Application
License Renewal
Wisconsin
Wisconsin
Not Required
Charitable Gift Annuity licensure is not required on the State level in Wisconsin
No filing is required, but charities need to meet certain conditions before issuing charitable gift annuities.
Wyoming
Wyoming
Not Required
Charitable Gift Annuity licensure is not required on the State level in Wyoming
Wyoming does not distinguish between annuities issued by charitable and for-profit entities.
Filing Fees
Filing fees depend on your individual situation. We do our best to calculate your filing fees
upfront and collect those fees today so we can get started. Your specialist will determine your
exact filing fees and invoice additional fees if required.
