New Hampshire Revised Statutes 403-E:3 – Disclosures; Notification; Recertification
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I. (a) When entering into an agreement for a qualified charitable gift annuity, the charitable organization shall disclose to the donor in writing in the annuity agreement that a qualified charitable gift annuity is not insurance under the laws of this state and is not subject to regulation by the insurance department or protected by an insurance guaranty association. The following information shall also be similarly disclosed:
(1) The value of the property being transferred.
(2) The amount of the annuity to be paid.
(3) The manner in which, and the intervals at which, the payment is to be made.
(4) The date that payments are to begin.
(b) The disclosures required by this paragraph shall appear on the first page of the annuity agreement in a print size no smaller than that employed in the annuity agreement generally.
II. (a) A charitable organization that issues qualified charitable gift annuities shall notify the director in writing by the later of 90 days after the effective date of this chapter or the date on which it enters into the organization’s first qualified charitable gift annuity agreement. The notice shall:
(1) Be signed by an officer or director of the organization;
(2) Identify the organization; and
(3) Certify that:
(A) The organization is a charitable organization; and
(B) The annuities issued by the organization shall be limited to qualified charitable gift annuities, as defined in N.H. Rev. Stat. § 403-E:1, V.
(b) Subsequently, each charitable organization that issues qualified charitable annuities shall, as part of its report submitted to the director pursuant to N.H. Rev. Stat. § 7:28, II and III, annually recertify that the annuities issued by the organization shall be limited to qualified charitable gift annuities, as defined in N.H. Rev. Stat. § 403-E:1, V.
(c) The organization shall not be required to submit additional information except to determine appropriate penalties that may be applicable under N.H. Rev. Stat. § 403-E:4.
(1) The value of the property being transferred.
Terms Used In New Hampshire Revised Statutes 403-E:3
- 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.
- Donor: The person who makes a gift.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
(2) The amount of the annuity to be paid.
(3) The manner in which, and the intervals at which, the payment is to be made.
(4) The date that payments are to begin.
(b) The disclosures required by this paragraph shall appear on the first page of the annuity agreement in a print size no smaller than that employed in the annuity agreement generally.
II. (a) A charitable organization that issues qualified charitable gift annuities shall notify the director in writing by the later of 90 days after the effective date of this chapter or the date on which it enters into the organization’s first qualified charitable gift annuity agreement. The notice shall:
(1) Be signed by an officer or director of the organization;
(2) Identify the organization; and
(3) Certify that:
(A) The organization is a charitable organization; and
(B) The annuities issued by the organization shall be limited to qualified charitable gift annuities, as defined in N.H. Rev. Stat. § 403-E:1, V.
(b) Subsequently, each charitable organization that issues qualified charitable annuities shall, as part of its report submitted to the director pursuant to N.H. Rev. Stat. § 7:28, II and III, annually recertify that the annuities issued by the organization shall be limited to qualified charitable gift annuities, as defined in N.H. Rev. Stat. § 403-E:1, V.
(c) The organization shall not be required to submit additional information except to determine appropriate penalties that may be applicable under N.H. Rev. Stat. § 403-E:4.