Such assets shall be segregated as separate and distinct funds. Charitable Gift Annuities regulated by State Insurance Law Code Section 1110. Board Resolution is required. Use only wording supplied by the New York State Insurance Department.
Annual filing is required.
Charity's calendar year fund activity report due by March 1 each year after obtaining Permit. Strict investment limitations. Reserve is required. New York Investment Rules for Reserve Account apply to reserves of entire Fund if charity has New York Permit. Charity must be in continuous operation for 10 years before it can issue a gift annuity agreement.