0780-01-70-.04 - DEFINITIONS

0780-01-70-.04. DEFINITIONS

(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.

(Public necessity rule filed February 2, 2009; effective through July 17, 2009. Public necessity rule filed February 2, 2009, and effective through July 17, 2009, expired effective July 18, 2009; rule reverted to its previous status. Original rule filed May 5, 2009; effective July 19, 2009.)

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

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