(a) No form of a charitable gift annuity shall be issued in this state without the approval of the commissioner. The commissioner shall, within thirty (30) days of the filing of a charitable gift annuity, approve or disapprove the proposed agreement forms and shall notify the charitable organization as soon as practicable. If the commissioner does not disapprove the proposed agreement forms within the thirty-day period, the forms shall be deemed approved.

Terms Used In Tennessee Code 56-52-108

  • 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
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-52-102
  • 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.
  • Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
  • sex: means a person's immutable biological sex as determined by anatomy and genetics existing at the time of birth and evidence of a person's biological sex. See Tennessee Code 1-3-105
(b) Each annuity agreement form shall include the following information:

(1) The value of the property to be transferred;
(2) The amount of the annuity to be paid to the donor or other annuitant;
(3) The manner in which and the intervals at which payment is to be made;
(4) The age and sex of the person or persons during whose life payment is to be made;
(5) The reasonable value as of the date of the agreement of the benefits created as calculated using methodology approved by the internal revenue service; and
(6) The date the payments are to begin.
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