Section 403-E:3 Disclosures; Notification; Recertification. - New Hampshire Statutes

   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 RSA 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 RSA 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 RSA 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 RSA 403-E:4.

Source. 1999, 68:1, eff. May 28, 1999.