(a) This chapter applies to charitable gift annuities issued by charitable organizations as defined in § 56-52-102 and shall be known and may be cited as the “Tennessee Charitable Gift Annuity Act of 2008.”

Terms Used In Tennessee Code 56-52-101

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • 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. See Tennessee Code 56-52-102
  • Charitable organization: means an entity described by:
    (A) Section 501(c)(3) of the Internal Revenue Code of 1986 ( Tennessee Code 56-52-102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The issuance of a charitable gift annuity by a charitable organization authorized under this chapter does not constitute engaging in the business of insurance in this state except to the extent otherwise provided in this chapter.
(c) All annuities, including those issued by charitable organizations, that do not meet the requirements of this chapter shall be subject to regulation as annuities under all applicable chapters of this title, except for private annuities issued by a member of a transferor’s immediate family.
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