Missouri Laws 352.505 – Notice to department, contents
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1. A qualified organization that issues qualified charitable gift annuities shall notify the department of commerce and insurance in writing by the later of ninety days after August 28, 2001, or the date on which it enters into the organization’s first qualified charitable gift annuity agreement. The notice must:
(1) Be signed by an officer or director of the organization;
Terms Used In Missouri Laws 352.505
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(2) Identify the organization; and
(3) Certify that:
(a) The organization is a qualified organization; and
(b) The annuities issued by the organization are qualified charitable gift annuities.
2. The organization shall be required to submit additional information if necessary to determine appropriate penalties that may be applicable pursuant to section 352.520.