Texas Insurance Code

§ 102.001 — DEFINITIONS

IN § 102.001Title 2. TEXAS DEPARTMENT OF INSURANCE · Part B. DISCIPLINE AND ENFORCEMENT · Ch. 102. CHARITABLE GIFT ANNUITIES · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Charitable gift annuity" means an annuity:

(A)that is payable over the lives of one or two individuals;

(B)that is made in return for the transfer of cash or other property to a charitable organization; and

(C)the actuarial value of which is less than the value of the cash or other property transferred, with the difference in those values being a charitable deduction for federal tax purposes.

(2)"Charitable organization" means an entity described by:

…

Legislative history

Added by Acts 1999, 76th Leg., ch. 101, Sec. 1, eff. Sept. 1, 1999.