56-52-108 - Charitable gift annuity Proposed agreement form. - Tennessee Statutes

56-52-108. Charitable gift annuity Proposed agreement form.

(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.

(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.

[Acts 2008, ch. 831, §§ 1, 9.]