Indiana Code 27-1-12.4-2. Annuities exempt from regulation

Sec. 2. An annuity is not subject to regulation by the department under IC 27 if the annuity:

(1) is established under a transaction that, for federal income tax purposes, is treated:

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Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Contract: A legal written agreement that becomes binding when signed.
Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
Internal Revenue Code: means the Internal Revenue Code of 1986, as in effect on January 1, 1994. See Indiana Code 27-1-12.4-1

(A) in part as a charitable contribution under Section 170 of the Internal Revenue Code; and

(B) in part as an investment in an annuity contract under Section 72 of the Internal Revenue Code; and

(2) meets the requirements for exclusion from the definition of “acquisition indebtedness” under Section 514(c)(5) of the Internal Revenue Code.

As added by P.L.131-1994, SEC.1.