GEORGIA

Charitable Gift Annuities are regulated by the State of Georgia. The law was approved March 14, 2000 and becomes effective July 1, 2000.

Charities must qualify for exemption from regulation as an insurance company by having been in continuous operation for at least 3 years and having at least $300,000 in unrestricted cash, cash equivalents or publicly traded securities, not counting the annuity gift. 

Charities must notify state it is issuing gift annuities to Georgia residents or if it is based in Georgia by the later of October 1, 2000 or concurrent with its issuing its first Georgia gift annuity after July 1, 2000.

With gift annuities written after July 1, 2000, charity shall notify donor in writing, in the agreement in a separate paragraph, using print no smaller than that generally used in rest of agreement, that the gift annuity is a qualified charitable gift annuity, is not insurance is not subject to regulation by the Insurance Commissioner or protected by an insurance guaranty association.

Failure to qualify and comply with Title 33 of the Official Code of Georgia, shall permit the Georgia Insurance Commissioner to fine the charity up to $1,000 per agreement until it does comply.

Contact: Kim Raper
     Life and Health Division
     Georgia Dept. of Insurance
     902 West Tower
     Martin Luther King. Jr. Drive
     Atlanta, GA 30334
     Phone: (404) 657-2799
     Fax: (404) 657-7743

This page last updated October 26, 2005.