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-.10 - PENALTIES
Universal Citation: TN Comp Rules and Regs 0780-01-70-.10
Current through September 24, 2024
(1) In addition to any other reason set forth in statute, the commissioner may deny, suspend or revoke the certificate of authority of any charitable organization upon finding that:
(a) The charitable organization has failed to
provide any information required for a certificate of authority under this
Chapter;
(b) The charitable
organization is violating any of the provisions of Title 56, Chapter 52 and
this Chapter or any other law or regulation applicable to it;
(c) The charitable organization is not
fulfilling its contractual obligations under the charitable gift
annuity;
(d) The charitable
organization is in unsound financial condition and is now or would become
reasonably unable to make the payments that it contracts for in the charitable
gift annuities issued in this state or another state;
(e) The charitable gift organization fails to
maintain separate assets for its charitable gift annuities in conformity with
the prudent investor standard as set forth in the Tennessee Uniform Prudent
Investor Act of 2002, compiled in T.C.A. §§
35-14-101, et seq.; or
(f) The charitable organization is conducting
business in a deceptive, untrustworthy or fraudulent manner, which includes
using persons who receive commissions for the sale, solicitation or negotiation
of charitable gift annuities on behalf of the charitable
organization.
(2) All hearings to revoke or suspend a certificate of authority under this Rule shall be held in conformity with the Uniform Administrative Procedures Act and the Rules of Procedure for Contested Cases of the Rules of the Secretary of State as compiled at Chapter 1360-04-01.
Authority: T.C.A. §§ 35-14-101 through 114, 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
