Md. Code Regs. 31.09.07.06

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

Section 31.09.07.06 - Filing Requirements for Special Permits

The following material shall be submitted by an organization applying for a special permit to issue charitable gift annuities:

A. Proof of exemption under §501 of the Internal Revenue Code;

B. Description of the organization's activities and number of years of active operation in this State;

C. Copy of the most recent independently audited financial statement;

D. Payout rates proposed to be provided under the charitable immediate and deferred gift annuity agreements;

E. Description of the proposed investment of contributed funds;

F. Copy of the organization's bylaws;

G. Copy of the statement required by Regulation .05A of this chapter;

H. Copy of the organization's forms used as charitable gift annuity contracts;

I. Copies of any solicitation material or descriptive literature proposed to be used with charitable gift annuities; and

J. Other material requested by the Commissioner in order to determine that the applicant is an organization which is eligible for the special permit in accordance with Insurance Article, § 16-114(b), Annotated Code of Maryland.

Md. Code Regs. 31.09.07.06