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:(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.
Indiana Legal Code