Md. Code Regs. 31.09.07.05

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.09.07.05 - Disclosure Requirements

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.

Md. Code Regs. 31.09.07.05