West Virginia Code 33-13B-4 – Notice to Insurance Commission
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(a) A charitable organization that issues qualified charitable gift annuities shall notify the commissioner of such fact in writing by the later of September 30, 2006 or the date on which it enters into the organization's first qualified charitable gift annuity agreement.
Terms Used In West Virginia Code 33-13B-4
- 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.
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
(b) The notice required by subsection (a) of this section shall identify the organization, be signed by an officer or director of the organization, and certify that the organization is a charitable organization and that the annuities issued by the organization are qualified charitable gift annuities.