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.
NAIC Actions: (in Chronological order)...
1) Click Here for "Terry Simmons Call to Action" (May 1998)
2) Click Here for Frank Minton's Memo (June 1998)
3) Click Here for Frank Minton's Status Report (as of 8/31/98)
4) Click Here for Frank Minton's NCPG ListServ Posting (12/8/98)
Draft Legislation: (3 different CGA laws proposed)
1) Click Here for the Charitable Gift Annuities Model Act
2) Click Here for Draft of "Exemption Legislation"
3) Click Here for Commercial Annuity Model Disclosure
