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Finance Division Phone: (501) 371-2665 Fax:
(501) 371-2747 Email: jan.mills@arkansas.gov Charitable Gift Organizations |
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Charitable organizations must obtain a special permit prior to issuing charitable gift annuities. Charitable gift annuities are governed by A.C.A. 23-63-201(d). Annually the charitable organization must file financial reports with the Finance Division of the Arkansas Insurance Department. Information packets for an application for a special gift annuity permit and annual permit renewal information may be obtained by contacting the Finance Division at: 501-371-2673. Questions related to Investments
should be addressed to Brenda Haggard, 501-371-2822. Rule 90- Charitable Annuities
Requirements and Reporting (word
document ) Application
Documents- updated 10/28/2008 Annual Renewal
Documents- updated 10/28/2008 Easy Access to Laws - Go to Chapter 63, then subchapter 201(d) **2009
Legislative Changes (Click
here for document showing changes) In an effort to modernize state law applicable to organizations permitted to issue charitable gift annuities and to reflect acceptable best practices of the charitable gift annuity sector, our certificate of authority statute Ark. Code Ann. § 23-63-201(d), under which we may issue a special permit to such organizations, is amended in four respects: 1. In Sections 12 and 13 Ark. Code Ann. § 23-63-201(d)(2) is modified to clarify that there are three methods for establishing reserve liabilities, as permittees have found the current statutory language confusing. 2. In Section 14 the current paragraph Ark. Code Ann. § 23-63-201(d)(7)(B) is deleted to remove the requirement that the permittees hold securities with banks and brokers under agreements that meet the requirements of Ark. Code Ann. § 23-69-134(b)(4)(A), as this requirement has been found too burdensome by the permittees. Prior to addition of this requirement in 2005, there had been no known reports of a charity failing to perform due to the assets being held by a bank or custodian not meeting these requirements. 3. In Section 15 Ark. Code Ann. § 23-63-201(d) is being amended to extend the due date for filing of annual statements by charities permitted to issue gift annuities from 90 days to 180 days from the end of their fiscal year. 4. In
Section 16, subsection (f) of Ark. Code Ann. § 23-63-201 is added to provide
a penalty for failure of a permittee to comply with the provisions of Ark.
Code Ann. § 23-63-201(d) and (e). |
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