Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 09 - LIFE INSURANCE AND ANNUITIES
Chapter 31.09.07 - Charitable Gift Annuities
Section 31.09.07.03 - Required Reserves
Current through Register Vol. 51, No. 6, March 22, 2024
A. The organization shall maintain assets at least equal to the sum of the reserves on its outstanding annuity agreements.
B. The reserves on the outstanding annuity agreements shall be consistent with the assumptions underlying the rates adopted by the American Council on Gift Annuities which are in effect at the time of issuance of the gift annuity.
C. In determining the appropriate reserves, a deduction shall be made for all or any portion of an annuity risk which is reinsured by an authorized insurer or accredited reinsurer.
D. As part of the organization's annual audit report, the organization shall submit a statement by a certified public accountant or qualified actuary verifying the existence of adequate reserves among the organization's assets.
E. The statement required under §D of this regulation may be incorporated into a certified public accountant's annual audit report.
