Texas Insurance Code 102.051 – Not Insurance; Effect of Certain Laws
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Terms Used In Texas Insurance Code 102.051
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
The issuance of a qualified charitable gift annuity:
(1) does not constitute engaging in the business of insurance in this state;
(2) does not violate Section 15.05 or 17.46, Business & Commerce Code; and
(3) is not an unconscionable action or course of action for purposes of Section 17.50(a)(3), Business & Commerce Code.