Tennessee Charitable Gift Annuity Act

The act regulates charitable gift annuities — arrangements in which a donor transfers assets to a charitable organization in exchange for annuity payments — by bringing the organizations that issue them under the oversight of the insurance commissioner. It conditions issuance on obtaining a certificate of authority, and requires issuers to hold gift annuity assets in separate accounts subject to investment restrictions, file annual reports, and open their assets, liabilities, and affairs to examination; it also prescribes the form of the annuity agreement and requires written acknowledgments from the donor. Alongside these duties it specifies which provisions of the insurance code apply to such annuities and what is exempt, and gives the commissioner authority to adopt implementing rules.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.