56-52-102 - Chapter definitions. - Tennessee Statutes

56-52-102. Chapter definitions.

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

     (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, codified in 26 U.S.C. § 501(c)(3); or

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

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

[Acts 2008, ch. 831, §§ 1, 3.]