The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this state. A charitable gift annuity issued before August 28, 2001, is a qualified charitable gift annuity for purposes of this chapter and the issuance of such charitable gift annuity does not constitute engaging in the business of insurance in the state.

(L. 1996 S.B. 768 § 4, A.L. 1997 H.B. 319, A.L. 2001 H.B. 664)