<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".05" citation="COMAR 31.09.07.05" title_num="31" subtitle_num="09" chapter_num="07" heading="Disclosure Requirements.">
  <paragraph num="A.">
    <text>Before accepting consideration for an annuity agreement the organization shall obtain separate signed statements from a prospective donor acknowledging that the prospective donor has been informed that:</text>
    <paragraph num="(1)">
      <text>Payments made under charitable gift annuities are backed solely by the full faith and credit of the organization; and</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Payments made under charitable gift annuities are not insured or otherwise guaranteed by any government entity.</text>
    </paragraph>
  </paragraph>
  <paragraph num="B.">
    <text>The requirement under §A of this regulation may be satisfied by having the acknowledgement be part of the annuity agreement which is signed by the donor.</text>
  </paragraph>
  <paragraph num="C.">
    <text>The organization shall retain the annuity agreement or, if applicable, the separate signed statement for so long as the obligation to pay annuity benefits continues.</text>
  </paragraph>
</regulation>