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The company must file with the Director of Insurance:

  1. Notice to the Department in writing the date on which it enters into the organization’s first qualified charitable gift annuity agreement. This notice must:
    1. Be signed by the officer or director of the charitable organization
    2. Identify the charitable organization.
    3. Certify that:
      1. The organization is a charitable organization;
      2. The annuities issued by the charitable organization are qualified charitable gift annuities as defined in Section 41-120, Idaho Code.
  2. When entering into an agreement for a qualified charitable gift annuity, the charitable organization shall disclose in writing to the donor, in the annuity agreement:

    "NOTICE: A charitable gift annuity is not insurance under the laws of this state and is not subject to regulation by the Department of Insurance or protected by a guaranty association affiliated with the Department. The notice provisions of this subsection must be written in a separate paragraph in the annuity agreement in a print size no smaller than that employed in the annuity agreement generally."

  3. Failure of a charitable organization to comply with the notice requirements imposed by Section 41-120, Idaho Code, may result in a fine in an amount not to exceed $1,000 per qualified charitable gift annuity agreement issued until the charitable organization complies with the above noted reporting requirements.

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