Reinsurance and disclosure language

Reinsurance and disclosure language

Forum topic posted in Forum on 30 April 2009| 6 comments
audience: | last updated: 30 April 2009
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Joined: 07/03/2008
Points: 45
Our organization has never reinsured one of its gift annuities and we are seriously considering a move that direction. One early step we may take is to include the possibility of reinsurance in our general gift annuity disclosure statement. This is rough and off the top of my head, but something along the lines of, "XYZ Organization reserves the right to reinsure gift annuities. XYZ Organization understands that, even in the case of a reinsured annuity, XYZ remains liable for payments during the annuitants' lifetime." I think this makes sense, but don't know where to turn to find a good example of such disclosure language. So I am first looking for any suggestions regarding a source for disclosure language. Second, would appreciate any thoughts regarding the wisdom of addressing reinsurance in our gift annuity disclosure language. Thank you all.

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Joined: 01/22/2010
Points: 15
Good move, I think is a
Good move, I think is a great idea to move in that direction, but language can be a very subjective issue. Galilea Montijo
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Joined: 01/08/2009
Points: 30
CGA language
We have worked with several non-profts on their CGA reinsurance programs, and while it is important to develop a statement about your organization having the right to reinsure, we have found that making the donor feel comfortable with this financing technique is paramount. If you'd like a sample statement, please feel free to e-mail me. Dan Miles
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Joined: 04/16/2008
Points: 15
Reinsurance Language in CGA Policy
If you are still in need of sample language please email me: laura.linder@jewishfoundationofmemphis.org. We reinsure our CGA's and have incorporated language into our Gift Annuity Policies. Laura Linder
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Joined: 08/31/2009
Points: 15
Samples of donor piece on reinsurance
Eric, I would love to see a sample or two if you could be so kind. We are taking an active look at this. Nigel Allen nigel.allen@covenanthospice.org
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Joined: 05/24/2007
Points: 105
Disclosure language
Although disclosure language is important, another important piece would be your quality control of the reinsurance. Something we have done is put togther a "Reinsurance Quality Control Program". This comes with a donor piece that describes the manner in which you choose a reinsurance carrier as well as the service that is provided by that carrier. Let me know if you need samples.
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Joined: 03/02/2009
Points: 105
Reinsurance Language
We have recently boosted our efforts in this arena and I would be happy to help please contact me directly at jepersun@ft.newyorklife.com
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Joined: 09/19/2008
Points: 15
Reinsurance Language
I helped several non-profits with their reinsurance programs and would be glad to email you the document language of a couple of them. Please contact me through my email address frwannuity@aol.com
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