31.09.07.06

.06 Filing Requirements for Special Permits.

The following material shall be submitted by an organization applying for a special permit to issue charitable gift annuities:

A. Proof of exemption under §501 of the Internal Revenue Code;

B. Description of the organization's activities and number of years of active operation in this State;

C. Copy of the most recent independently audited financial statement;

D. Payout rates proposed to be provided under the charitable immediate and deferred gift annuity agreements;

E. Description of the proposed investment of contributed funds;

F. Copy of the organization's bylaws;

G. Copy of the statement required by Regulation .05A of this chapter;

H. Copy of the organization's forms used as charitable gift annuity contracts;

I. Copies of any solicitation material or descriptive literature proposed to be used with charitable gift annuities; and

J. Other material requested by the Commissioner in order to determine that the applicant is an organization which is eligible for the special permit in accordance with Insurance Article, §16-114(b), Annotated Code of Maryland.