(a) This part will allow corporate permit applicants to apply for a special permit to make fixed-dollar life-only annuity agreements with donors to their corporation that:

1. (1) Either:

   1. (A) Has engaged in active operation for at least five (5) years prior to receiving the permit which have been solely engaged in operation of public charitable, religious, missionary, educational, or philanthropic agencies or programs; or
   2. (B) Is affiliated with a corporation or municipality which has been actively engaged in operation of public charitable, religious, missionary, educational, or philanthropic agencies or programs for five (5) years; and
2. (2) Has maintained an adequate level of management expertise which is readily available to the entity requesting the permit.

(b) This part will also allow municipal permit applicants to apply for a special permit to make fixed-dollar life-only annuity agreements payable from nontax revenues of the municipality with donors to their municipal programs provided the municipal permit applicant has been actively involved for at least five (5) years prior to receiving the permit in the operation of public charitable, educational, or philanthropic agencies or programs including, but not limited to:

1. (1) Libraries;
2. (2) Museums; and
3. (3) Governmentally owned public hospitals.