MISSOURI

Charitable Gift Annuities are regulated by the State of Missouri Laws Sections 352.500, 352.505, 352.510, 352.515 and 352.520, (RSMo 2000) which were repealed June, 2001 by House Bill 664 and the same section numbers reinstated by this new Act passed by the 91st General Assembly (2001). The Bill was passed in early June, 2001, and was signed by Missouri Governor on 6-13-01 and becomes effective August 28, 2001.

Charities must qualify for exemption from regulation as an insurance company by having been in continuous operation for at least 3 years and by having at least $100,000 in unrestricted cash, cash equivalents or publicly traded securities, exclusive of the assets funding the annuity agreement on the date it enters into a gift annuity agreement.

Disclosure to Donor: With gift annuities written starting August 28, 2001, the annuity agreement shall include a notice in a separate paragraph in a type size no smaller than that used in the gift annuity agreement generally, stating that...

"A qualified charitable gift annuity is not insurance under the laws of the state of Missouri and is not subject to regulation by the Department of Insurance or protected by a guaranty association."

Charities must notify Missouri Department of Insurance it is issuing qualified charitable gift annuities to Missouri residents or if it is based in Missouri by the later of 90 days after August 28, 2001 (by 11-28-01) or the date it executes its first qualified charitable gift annuity agreement following the effective date of this law (8-28-2001).

The notice shall be signed by an officer or director of the charity, shall identify the name and address of the charity, shall certify that charity is a qualified charitable organization and that its annuity agreements are qualified charitable gift annuities.

Failure to qualify and comply with the above notification provisions shall permit the Insurance Department to fine the charity up to $1,000 per agreement until it does comply.

NOTE: Even IF you have ALREADY notified Missouri under its former law, you MUST NOW notify them AGAIN under this new statute that becomes effective 8-28-2001.

Contact for Notification: Eleecia Kreasky, Life and Health Section, Missouri Department of Insurance. Phone: 573-751-3497. (See Missouri Contact.)

This page last updated August 31, 2001.