508F.1 Definitions. As used in this chapter, unless the context clearly indicates otherwise: 1. “Charitable gift annuity” means a transfer of property by a donor to a charitable organization in return for an annuity payable over one or two lives, if the actuarial value of the annuity is less than the value of the property […]
508F.2 Qualified charitable gift annuity is not insurance. 1. The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this state. 2. A charitable gift annuity that meets the requirements of a qualified charitable gift annuity shall be deemed to be a qualified charitable gift annuity for […]
508F.3 Annuity agreement — notice to donor. An agreement for a qualified charitable gift annuity executed by a charitable organization and a donor shall be in writing. The annuity agreement shall include a notice stating that a qualified charitable gift annuity is not insurance under the laws of this state and is not subject to […]
508F.4 Notice filed with the commissioner. 1. A charitable organization that issues qualified charitable gift annuities in this state on and after July 1, 2001, shall file a notice with the commissioner in writing not later than the date on which it executes the organization’s first qualified charitable annuity agreement. All of the following shall […]
508F.5 Failure to comply with requirements. 1. The failure of a charitable organization to comply with the requirements of sections 508F.3 and 508F.4 does not prevent a charitable gift annuity that otherwise meets the requirements of this chapter from constituting a qualified charitable gift annuity. 2. The commissioner shall enforce performance of the requirements of […]
508F.6 Penalties. The commissioner may determine, after hearing, that the issuance of an annuity is not in compliance with this chapter and that the entity issuing the annuity is subject to the provisions and penalties of chapters 507A and 507B. 2001 Acts, ch 28, §7
508F.7 Not unfair or deceptive trade practice. The issuance of a qualified charitable gift annuity does not constitute a violation of chapter 507B. 2001 Acts, ch 28, §8
508F.8 Rules. The commissioner may adopt rules pursuant to chapter 17A necessary to administer and enforce this chapter. 2001 Acts, ch 28, §9
