Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-70 - Tennessee Charitable Gift Annuities Regulations
Section 0780-01-70-.04 - DEFINITIONS

Universal Citation: TN Comp Rules and Regs 0780-01-70-.04

Current through September 24, 2024

(1) "Annuity" means a contract or agreement, both with and without a life or mortality element, to make periodic payments, whether in fixed or variable dollar amounts, or both, at specified intervals;

(2)

(a) "Charitable gift annuity" means a transfer of cash, securities, annuities or other property by a donor to a charitable organization in return for an annuity issued by a charitable organization;

(b) "Charitable gift annuity" does not include a charitable remainder trust or a charitable lead trust or other similar arrangement where the charitable organization does not issue an annuity and incur a financial obligation to guarantee annuity payments. "Charitable gift annuity" also does not mean any transfer of cash, securities, annuities or other property by a donor to a charitable organization in return for an annuity where a commission is paid to any person as a result of such transfer;

(3) "Charitable gift annuity separate account" means any segregated account established by a charitable organization to which such organization allocates cash, securities, annuities or other property transferred by a donor to such organization that are to be applied to the terms of a charitable gift annuity issued in connection with such transfer to fund benefits under such charitable gift annuity;

(4) "Charitable organization" means an entity described by:

(a) Section 501(c)(3) Internal Revenue Code of 1986 ( 26 U.S.C. Section 501(c)(3)); or

(b) Section 170(c), Internal Revenue Code of 1986 ( 26 U.S.C. Section 170(c));

(5) "Commissioner" means the commissioner of the Tennessee Department of Commerce and Insurance;

(6) "Department" means the Tennessee Department of Commerce and Insurance;

(7) "NAIC" means the National Association of Insurance Commissioners;

(8) "Person" means any natural or artificial person including, but not limited to, an individual, partnership, association, trust or corporation; and

(9) "Uniform Administrative Procedures Act" means the act compiled in T.C.A. §§ 4-5-101, et seq.

Authority: T.C.A. §§ 4-5-101, et seq., 56-52-101 through 56-52-111 and 2008 Public Acts, Chapter 831.

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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