56-52-102 - Chapter definitions.
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.]