Oklahoma § 36-4072 - Definitions

§ 36-4072. Definitions

As used in this act:

1. "Charitable gift annuity" means a transfer of cash or other

property by a donor or donors to a charitable organization in return

for periodic payments by the charitable organization commencing on

the date of the agreement or in the future to one or more persons

designated by the donor or donors over the lives of such persons;

2. "Qualified charitable gift annuity" means a charitable gift

annuity which:

a.

has an actuarial value using the actuarial factors and

interest rate established by the Internal Revenue Code

to determine charitable deductions for federal tax

purposes which is less than ninety percent (90%) of

the value of the cash or other property transferred by

the donor or donors to the charitable organization and

the difference in value constitutes a charitable

deduction for federal tax purposes,

Oklahoma Statutes - Title 36. Insurance

b.

has periodic payments that are calculated using a rate

which will reasonably assure the promised payments to

the annuitant on the date the annuity is issued, and

c.

is described in Section 501(m)(5) of the Internal

Revenue Code;

3. "Charitable organization" means an entity that:

a.

is described by Sections 501(c)(3) and 170(c) of the

Internal Revenue Code, and

b.

is qualified to do business in this state;

4. "Qualified charitable organization" means a charitable

organization that, on the date it issues its first qualified

charitable gift annuity contract:

a.

has a minimum of One Hundred Thousand Dollars

($100,000.00) in unrestricted assets that are

exclusive of the assets comprising its qualified

charitable gift annuities, and

b.

has been in continuous operation for at least three

(3) years or is a successor or affiliate of a

charitable organization that has been in continuous

operation for at least three (3) years; and

5. "Internal Revenue Code" means the Internal Revenue Code of

1986 (26 U.S.C.), as amended, or any similar successor federal tax

legislation.

Added by Laws 1998, c. 141, § 2, emerg. eff. April 21, 1998.