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For this purpose, any annuity contract purchased from an authorized insurer or reinsurer by the charitable organization is considered to be “annuity risk reinsured.” C.
The general assets of the charitable organization shall be liable for annuity agreements to the extent that the segregated account is inadequate.
The reasonable expenses incurred for an examination shall be paid by the charitable organization. An authorized charitable organization shall file for information with the commissioner a copy of each form of agreement that it proposes to issue to donors in exchange for property transferred to the organization.
Drafting Note: Insert the bracketed material in prior approval states. Each annuity agreement form shall include the following information: (1) The value of the property to be transferred; (2) The amount of the annuity to be paid to the donor or other annuitant; (3) The manner in which and the intervals at which payment is to be made; (4) The age and sex of the person or persons during whose life payment is to be made; (5) The reasonable value as of the date of the agreement of the benefits created; and (6) The date that payments are to begin. Before accepting the property transferred in exchange for the annuity agreement, the organization shall obtain a signed statement from a prospective donor acknowledging the following terms of the agreement: (1) The value of the property transferred; (2) The amount of the periodic annuity benefits to be paid; (3) The manner in which and the intervals at which payment is to be made; (4) The reasonable value as of the date of the agreement of the benefits created; and (5) The date that payments are to begin. In addition to the above disclosure, the charitable organization shall obtain a signed statement from a prospective donor acknowledging that he or she has been informed that payments made under a charitable gift annuity are backed solely by the full faith and credit of the organization, are not insured or guaranteed by an insurance company, are not protected by any insurance guaranty association, and are not backed in any way by the State of [insert state]. The requirements of Subsection A and B may be satisfied by an acknowledgment that is a part of the annuity agreement that is signed by the donor.
The charitable organization shall keep a file of current written authorizations. A charitable organization authorized by this Act shall maintain a segregated account for its charitable gift annuities.
A charitable organization shall not receive transfer of property, conditioned upon its agreement to pay an annuity to the donor or other annuitant unless and until it has obtained from the commissioner a certificate of authority to issue charitable gift annuities. A charitable organization shall file with the commissioner its application for a certificate of authority.
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At filing of the application the applicant shall pay to the commissioner the applicable filing fees as specified in [insert citation]. If after such investigation as the commissioner deems advisable, the commissioner finds that the applicant is in sound financial condition and is otherwise qualified, the commissioner shall issue to the applicant a certificate of authority.
If the commissioner does not so find, the commissioner shall deny issuance of the certificate of authority and notify the applicant in writing stating the reasons for denial. The certificate of authority of a charitable organization issued under this Act shall continue until suspended or revoked by the commissioner or terminated by the organization, subject to continuance each year by payment on or before March 1 of the continuance fee of $[insert amount] and filing of the annual report. A person acting on behalf of a charitable organization to solicit the transfers of property in exchange for annuity payments shall not be required to be licensed; however, the person shall be authorized in writing by the charitable organization to act on its behalf.