Tex. Ins. Code § 102.001

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 102.001 - Definitions

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:

(A) Section 501(c)(3), Internal Revenue Code of 1986; or

(B) Section 170(c), Internal Revenue Code of 1986.

Tex. Ins. Code § 102.001

Added by Acts 1999, 76th Leg., ch. 101, Sec. 1, eff. 9/1/1999.