Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 09 - LIFE INSURANCE AND ANNUITIES
Chapter 31.09.07 - Charitable Gift Annuities
Section 31.09.07.05 - Disclosure Requirements
Universal Citation: MD Code Reg 31.09.07.05
Current through Register Vol. 51, No. 19, September 20, 2024
A. Before accepting consideration for an annuity agreement the organization shall obtain separate signed statements from a prospective donor acknowledging that the prospective donor has been informed that:
(1) Payments made under charitable gift annuities are backed solely by the full faith and credit of the organization; and
(2) Payments made under charitable gift annuities are not insured or otherwise guaranteed by any government entity.
B. The requirement under §A of this regulation may be satisfied by having the acknowledgement be part of the annuity agreement which is signed by the donor.
C. The organization shall retain the annuity agreement or, if applicable, the separate signed statement for so long as the obligation to pay annuity benefits continues.
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