Section 0780-01-70-.10 - PENALTIES(1) In addition to any other reason set forth in statute, the commissioner may deny, suspend or revoke the certificate of authority of any charitable organization upon finding that: (a) The charitable organization has failed to provide any information required for a certificate of authority under this Chapter;(b) The charitable organization is violating any of the provisions of Title 56, Chapter 52 and this Chapter or any other law or regulation applicable to it;(c) The charitable organization is not fulfilling its contractual obligations under the charitable gift annuity;(d) The charitable organization is in unsound financial condition and is now or would become reasonably unable to make the payments that it contracts for in the charitable gift annuities issued in this state or another state;(e) The charitable gift organization fails to maintain separate assets for its charitable gift annuities in conformity with the prudent investor standard as set forth in the Tennessee Uniform Prudent Investor Act of 2002, compiled in T.C.A. §§ 35-14-101, et seq.; or(f) The charitable organization is conducting business in a deceptive, untrustworthy or fraudulent manner, which includes using persons who receive commissions for the sale, solicitation or negotiation of charitable gift annuities on behalf of the charitable organization.(2) All hearings to revoke or suspend a certificate of authority under this Rule shall be held in conformity with the Uniform Administrative Procedures Act and the Rules of Procedure for Contested Cases of the Rules of the Secretary of State as compiled at Chapter 1360-04-01.Tenn. Comp. R. & Regs. 0780-01-70-.10
Public necessity rule filed February 2, 2009; effective through July 17, 2009. Public necessity rule filed February 2, 2009, and effective through July 17, 2009, expired effective July 18, 2009; rule reverted to its previous status. Original rule filed May 5, 2009; effective July 19, 2009.Authority: T.C.A. §§ 35-14-101 through 114, 56-52-101 through 56-52-111 and 2008 Public Acts, Chapter 831.