Section 27-1-12.4-2 - Annuities exempt from regulation 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.