MARYLAND

Charitable Gift Annuities (CGAs) are regulated by Title 31 Maryland Insurance Administration, Subtitle 09 Life Insurance and Annuities, Chapter 07, Charitable Gift Annuities. (Authority: Insurance Article, §§2-109 and 16-114, Annotated Code of Maryland). Contact Maryland Insurance Dept. for a copy.

Charitable Gift Annuities are regulated by State Insurance Department. Charity must qualify by being able to describe its programs and purpose as an "educational or religious organization, hospital or community foundation." An educational component of your *program* will generally qualify your charity.

A Board resolution is NOT required.

Annual filing of Fund activity is required.

Disclosure Statement required in the agreement.

Less strict investment limitations (Prudent Investor Act of Maryland acceptable for Fund Reserves).

Reserve Fund is required. (Charity must submit Required Reserve calculations annually.) Reserves on outstanding agreements shall be consistent with the assumptions underlying the rates adopted by the American Council on Gift Annuities (ACGA) which are in effect at the time of issuance of the gift annuity. The *rates* do NOT have to be the same as the ACGA rates.

Charity must be in "continuous operation" for 10 years "in the state of Maryland" before it can issue a gift annuity agreement. A "physical presence" (office) in Maryland is NOT required.

Federal law (Public Law 104-62) also requires charity to supply a Gift Annuity Disclosure Statement to all annuitants in the Fund and to all prospective donors prior to making their first annuity gift.

State Contact

Howard Max
Maryland Department of Insurance
525 St. Paul Place
Baltimore, MD 21202-2271

Phone: (410) 468-2205

This page updated October 28, 2003.

The user of this information is solely responsible for determining and verifying the accuracy of the data presented here and how it is used by the reader. This information is provided solely as a resource.

Click here to see the Master Set of 6 Gift Annuity Agreements (offered by Planned Giving Resources, Inc.) that will work in all 50 states (with the addition of the "Extra Wording" state specific "disclosure language" that is now required by 30 states.)