2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 508F - CHARITABLE GIFT ANNUITIES
508F.1 - DEFINITIONS.

        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 transferred and the difference in
      value constitutes a charitable deduction for federal tax purposes.
         2.  "Charitable organization" means an entity described by any
      of the following:
         a.  Section 501(c)(3) of the Internal Revenue Code.
         b.  Section 170(c) of the Internal Revenue Code.
         3.  "Commissioner" means the commissioner of insurance.
         4.  "Internal Revenue Code" means the Internal Revenue Code of
      1986 as designated by the Tax Reform Act of 1986, as amended to a
      date designated by rules adopted by the commissioner.
         5.  "Property" means anything of value that is subject to
      ownership, and includes but is not limited to property classified as
      real, personal, mixed, tangible or intangible, or any present or
      future interest in such property.
         6.  "Qualified charitable gift annuity" means a charitable
      gift annuity that is described by section 501(m)(5) or 514(c)(5) of
      the Internal Revenue Code, if all of the following apply:
         a.  The annuity agreement is issued by a charitable
      organization.
         b.  On the date that the annuity agreement is issued, the
      charitable organization has a minimum value of the lesser of three
      hundred thousand dollars or five times the face amount of total
      outstanding annuities in unrestricted cash, cash equivalents, or
      publicly traded securities.  However, the total outstanding annuities
      as provided in this paragraph do not include assets funding the
      annuity agreement.
         c.  The charitable organization has been in continuous
      operation for at least three years or is a successor or affiliate of
      a charitable organization that has been in continuous operation for
      at least three years.  

         2001 Acts, ch 28, §2