INSURANCE Charitable Gift Annuities: Define Certain Terms; Provide That a Qualified Charitable Gift Annuity Issued by a Charitable Organization Shall Not Constitute Engaging in the Business of Insurance; Provide for Certain Disclosures and Notices; Provide for the Effects of Failure to Provide Such Notices

The Act, based on the Model Charitable Gifts Act, adds several sections to the Georgia Code to allow defined charitable institutions, including educational institutions, to raise funds through the sale of annuities without being considered to be engaging in the business of insurance. Only institutions with $300,000 in unrestricted assets that have been in continuous operation for at least three years or that are a successor or affiliate of such an organization may make use of the Act.