Click here for copy of CA Law. Board resolution is required.
Annual filing is required.
Reserve required for California annuitants only. Charity must maintain separate segregated Reserve Account just for California Annuitants, and California investment rules must be followed only for assets in that account. No withdrawals from that account permitted without permission of California Department of Insurance, unless due to termination of annuity agreement for which reserve was established. The manner in which, and intervals at which such annuity is to be paid. Charity must be in continuous operation for 10 years before it can issue a gift annuity agreement.