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-.07 - APPROVAL OF RATES AND FORMS

Universal Citation: TN Comp Rules and Regs 0780-01-70-.07

Current through September 24, 2024

(1) No form of a charitable gift annuity shall be issued in this state without the approval of the commissioner.

(2) Each annuity agreement form shall include the following information:

(a) The value of the property to be transferred;

(b) The amount of the annuity, calculated pursuant to the suggested charitable gift annuity rates approved by the American Counsel on Gift Annuities or such other methodology approved by the Commissioner, to be paid to the donor or other annuitant;

(c) The manner in which and the intervals at which payment is to be made;

(d) The age and sex of the person or persons during whose life payment is to be made (use of the date of birth and gender specific pronouns are acceptable);

(e) The reasonable value as of the date of the agreement of the benefits created as calculated using methodology approved by the Internal Revenue Service (the annuity agreement need not state the methodology being used, simply the figure derived by the methodology); and

(f) The date the payments are to begin.

(3) All requests for approval under this Paragraph shall be filed with the commissioner no later than thirty (30) days prior to the proposed date of offering of the charitable gift annuity by a charitable organization.

(4) The commissioner may, after receiving a request for approval, request from a charitable organization additional information as deemed necessary or appropriate in reviewing such request.

(5) Upon receiving a request for approval containing all of the information required by Rule 0780-01-70-.07(2), and receiving all information requested pursuant to Rule 0780-01-70-.07(3), the commissioner shall issue the requesting party in writing a notice of approval or denial of the request.

(6) A charitable organization shall not offer in this State a charitable gift annuity without approval of the commissioner. Notwithstanding the foregoing, if the commissioner does not deny a request for approval within thirty (30) days of having received all requested information under this rule, the request for approval shall be deemed to have been approved by the commissioner.

Authority: T.C.A. §§ 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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