(a) As used in this chapter, unless the context otherwise requires:

• Terms Used In Tennessee Code 56-52-102

  • 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 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. 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 (26 U. See Tennessee Code 56-52-102

    • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
    • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-52-102
    • Contract: A legal written agreement that becomes binding when signed.
    • Donor: The person who makes a gift.
    • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
    • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
    • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

  (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 the transfer;

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

• (4) “Charitable organization” means an entity described by:

  • (A) Section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501(c)(3)); or

  • (B) Section 170(c) of the Internal Revenue Code of 1986 (26 U.S.C. § 170(c)); and

• (5) “Commissioner” means the commissioner of commerce and insurance.