(215 ILCS 5/121-2.10)
Sec. 121-2.10.
Exempt charitable gift annuities.
The insurance laws of
this State, including this Code, do not apply to any charitable gift annuity,
as defined in Section 501(m)(5) of the Internal Revenue Code, issued by an
organization that is described in Section 170(c) of the Internal
Revenue
Code, if either (i) an insurer authorized to transact
business in this State is directly obligated to the annuitant or (ii) the
organization has been in active
operation for not less than 20 years
before the
date the annuity is issued and has an unrestricted fund balance
of not
less than $2,000,000 on the date the annuity is issued. For
purposes of this Section, "Internal Revenue Code" refers to the
Internal Revenue Code of 1986, as amended, and corresponding provisions of
subsequent federal tax laws.
(Source: P.A. 89-124, eff. 7-7-95; 89-485, eff. 6-21-96.)
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