§ 56-52-107. Examination of Charitable Organization’s Assets, Liabilities and Affairs by Commissioner
Whenever the commissioner determines it to be proper or expedient, the commissioner may make or cause to be made an examination of the assets and liabilities and other affairs of the charitable organization as they pertain to charitable gift annuity agreements entered into pursuant to this chapter. In determining a charitable organization’s ability to pay […]
§ 56-52-108. Charitable Gift Annuity — Proposed Agreement Form
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 […]
§ 56-52-109. Written Acknowledgments From Donor
Within a reasonable amount of time after accepting the property transferred in exchange for the annuity agreement, the organization shall obtain a signed statement from a donor acknowledging the following terms of the agreement: The expected value of the property to be transferred; The amount of the annuity to be paid to the donor or […]
§ 56-52-110. Applicability of Title Provisions
Chapter 8 of this title shall apply to charitable gift annuities issued under this chapter. Except as otherwise provided in this chapter, this title, including, but not limited to, Chapters 3 9, and 12, shall not apply to charitable gift annuities issued under this chapter.
§ 56-52-111. Rules and Regulations
The commissioner may, after notice and hearing, promulgate reasonable rules, regulations and orders as are necessary or proper to carry out and effectuate this chapter, including, but not limited to, the standards for determining financial soundness and other qualifications of a charitable organization wishing to issue charitable gift annuities in this state. The regulations shall […]
§ 56-53-101. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Actual malice” means knowledge that information is false, or reckless disregard of whether it is false; “Conceal” means to take affirmative action to prevent others from discovering information. Mere failure to disclose information does not constitute concealment. Action by the holder of a legal privilege, […]
§ 56-52-103. Certificate of Authority — Application — Fees — Exemption
A charitable organization shall not receive any transfer of property, conditioned upon its agreement to pay an annuity to the donor or other annuitant unless and until it has obtained from the commissioner a certificate of authority to issue charitable gift annuities. A charitable organization shall file with the commissioner its application for a certificate […]
§ 56-52-104. Charitable Gift Annuity Separate Accounts
A charitable organization authorized by this chapter shall maintain one (1) or more charitable gift annuity separate accounts for its charitable gift annuities. The assets allocated to any such separate account shall not be used to satisfy any debts of the charitable organization other than those incurred pursuant to the issuance of charitable gift annuities […]
§ 56-52-105. Investment of Account Assets
The segregated assets held in the charitable gift annuity separate account shall be invested in accordance with the prudent investor standard as set forth in the Tennessee Uniform Prudent Investor Act of 2002, compiled in title 35, chapter 14.
§ 56-52-106. Annual Report
A charitable organization authorized under this chapter shall annually file a report verified by at least two (2) principal officers with the commissioner covering the preceding fiscal year. The report is due ninety (90) days after the close of the charity’s fiscal year or at a later date approved by the commissioner. Alternatively, in lieu […]