 State law provides for "Conditional Exemption" from regulation of charitable gift annuities.
Disclosure required in agreement.
100k in available unrestricted assets required.
Charity must be in continuous operation for three years.
Charitable gift annuities are not considered insurance and therefore is not subject to regulation by the Virginia Insurance Commission. Section 38.2-3113.2 of the Virginia Statutes provides the requirements for a charitable gift annuities in addition to providing that it is not insurance. This section of the Code can be found at http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+38.2-3113.2
This State's info last updated December 3, 2004.
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