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ACT NO. 37

(S.60)

Charitable Gift Annuities

This act clarifies that charitable organizations issuing charitable gift annuities are not engaging in the business of insurance, and will not be regulated by the Department of Banking, Insurance, Securities, and Health Care Administration but will be regulated by the Office of the Attorney General. In order to issue these annuities, a charity must meet operation and asset requirements and must provide notice to the donor that the charity is not regulated by the Department and the annuity is not protected by an insurance guaranty association.

Effective Date: July 1, 2001