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: (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.